Wells and Citi in Wachovia Truce

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Business in brief

BANKING Wells Fargo and Citigroup agreed to a 44-hour truce last night in their fight over regional bank Wachovia after a weekend of legal wrangling. Wells Fargo and Citi have been battling over the bank since Wells Fargo announced an offer on Friday that trumped Citi's proposal. As part of their agreement to suspend all litigation, effective immediately, the three banks also said they would cease any formal discovery activities. The dispute has drawn in US Fed officials looking to broker a deal.

BA-Iberia merger is delayed

AVIATION The chief executive of British Airways has said the merger with Iberia, the Spanish national carrier, will take longer than expected as a result of the downturn in the aviation sector. "I can say that the merger will take longer than expected, especially due to the problems of the sector which have forced us to focus more on our business than in the deal," Willie Walsh said in an interview with the Spanish newspaper El Mundo.

Nomura hires 150 Lehman staff

BANKING Japan's Nomura Holdings is hiring more than 150 former Lehman Brothers' staff to expand its European fixed-income division days after refusing to take on the fallen investment bank's debt unit in Europe. …