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Show NEWS L Fargo merge starts battle WEDNESDAY, 2 - DIXIE SUN Wachovia-Well- s (MCT) CHARLOTTE, N.C. - A legal fight is brewing over the surprise $15 billion merger announced Friday morning between Wachovia Corp. and Wells Fargo & Co. that upsets a Citigroup Inc. Wachovia transaction announced on -- Monday. In an interview, Wells Fargo chief executive John Stumpf said Charlotte-base- d Wachovia and San Francisco-base- d Wells have a merger agreement and that "we're very confident that this will lead to a combination." Wells said it expects the deal to be completed by year end. Citigroup, however, issued a statement demanding Wachovia and Wells Fargo terminate the transaction. Citi said the deal was a clear breach of an exclusivity agreement between Citi and Wachovia and that it "has substantial legal rights regarding Wachovia and this transaction." On Monday, New York-base- d Citi announced that it was buying most of Wachovia's banking operations and assets for $2.16 billion in stock, with assistance from the Federal Deposit Insurance Corp. That deal would have left behind a standalone company housing brokerage and asset management businesses, but its future has been uncertain. It also would not have made a direct payment to shareholders, although they would have still owned the remainder of Wachovia. The Dixie State College executive staff members are preparing for the mandatory budget cuts handed down from the state legislature. DSC will be required to make a 4 percent budget cut because of the current economic crisis. Thei Utah State legisla- ture met in September to disquss budget cuts for all State departments to make up for a budget As of Thursday evening, no merger agreement between Citi and Wachovia had been finalized but Wachovia said it was working quickly to complete one. In a conference call Friday morning, Wachovia chief executive Bob Steel declined to comment on whether Wachovia had a merger agreement with Citi. The new deal the equivalent of $7 per share does not include FDIC assistance. San Francisco-base- d Wells said that Charlotte would be the headquarters for the combined company's East Coast retail and corporate banking busi- ness. St. Louis would continue to be the base for Wachovia Securities. Three members of the Wachovia board would be invited to join the Wells' board when the transaction is completed. Wells said the name of the combined company would be Wells Fargo. In a conference call Friday, Wells Fargo said it expects to cut expenses of the combined company by 10 percent, or $5 billion, by the end of 2010. The bank said it will identify these cost savings as the two companies are combined. Stumpf, in the interview, said it was too early to say what the impact on Charlotte will be. He said executives will get to know each other and decide which businesses to grow or not grow. He noted that when Norwest Minnesota-base- d merged with Wells in shortfall. All state higher education institutions in Utah will be required to cut their budgets in anticipation of future financial trouble. President Stephen Nadauld held a meeting on Sept. 22 for all faculty and staff to talk to them about proposed budget cuts from the Utah legislature. Nadauld said because of the current economic struggles Utah legislators are reevaluating the states budget. Pregnant? Think you might be? Theres always Hope Free Accurate Information on Options Free Confidential Services Free Pregnancy Tests 427 W. Hpe Pregnancy Care Center 100 S Suite B T 1998 Norwest had about 14,000 employees in Minneapolis and now it has 20,000. But he added: "That doesn't mean there won't be changes." The Wachovia-Well- s deal would not require a Wi ianfl fig .nidi As. oici Dc ago igau boar razo pus edtl Hi Whenever an economic downturn happens we end up having to readjust our budgets in our households and in the state and consequently the college level, Nadauld said. Scott Talbot, executive director of business affairs, said Nadauld created a framework for what kinds of budget cuts could be considered. The executive staff then received detailed information on their current budgets. The executive staff members are now going through their detailed budgets, Talbot said. They are looking carefully at their budgets seeing what can be cut that is within the presidents framework. The executive staff for DSC is made up of the president, all the vice ti ' '' , rXru I 'v-- 7 tosA ban A iiM tinuf ers c ed si boar itrei 7 non- We im i if' i w additional businesses there, a senior executive at the New York bank told The Charlotte Observer on Friday. Citi had previously committed only to maintaining "a strong presence" in Charlotte, raising speculation that it would move the retail bank operations elsewhere. "Our plan is to take advantage of the wonderful people in Charlotte," the executive said. He said there would be no job cuts in any retail branches across the country. He also said that the SC lie Merrill Lynch $713 billion vs. Bank of America's $819 billion. Friday morning, Citi, however, pushed the benefits of its deal for Charlotte. Citi will move the combined retail bank to Charlotte and move 1 .! the v of acquisition of Countrywide Financial and planned purchase of A :! V t banking. The combined company will have more branches than Bank of America 6,675 vs. 6,138 but would have a smaller deposit base than Bank of America, counting its i ) teinf i ; complicated separation of the companies, like that announced in the Citi plan, and there would be less overlap in geographic territory, brokerage and corporate and investment . mi k - 2008 BY grot Lab ng Dixi I zrne r Stat i. one skat N 1c to aren Si gem Iron stay Upending a deal that would have sold most of the company to Citigroup Inc., Wachovia Corp. announced that its board approved an offer from Wells Fargo & Co. to buy all of d the Charlotte, bank, Friday. decisions regarding the people," he said. "I provides an environment Charlotte were not influbelieve your mayor when to have a job in financial enced by Wells Fargo's he said it's Bankcity, services and also raise a announcement Friday U.S.A. In fact, I ran into family. a friend of mine's son morning. (c) 2008, McClatchy-Tribun- e "It's not just the cost of while I was down there, Information and he's there because it living, it's the quality of Services. neis N.C.-base- Budget cut required due to economy BY HOLLAND OLSEN flixie Sun Staff Wnter OCTOBER 8, presidents, the deans of every division, and other executive directors included in the DSC staff. The executive staff is in the process of getting all options on the table, Talbot said. Budget cuts are not easy to solve, so it could be a long process and may not be resolved until February. Talbot also said things are subject to change in February when the Legislature meets again. The hardest part of this budget cut is we dont know how long it will last, or if it will stay at 4 percent, Talbot said. The Legislature may want to change some things for next year. Nadauld has been clear that he does not want to affect students too much with the budget cut, Talbot said. He has always had an emphasis on student life and the education students get, Talbot said. He still wants those areas to move forward without hindering them too much. The final budget cut will not be announced for several weeks, giving the executive staff enough time to process the different options they have before making anything official. HOMECOMING continued from page 1 The Powder Puff game will take place on Thursday at 7 p.m. at Hansen Stadium, and there is no charge to watch the game. The teams' have already been filled, said Darci Downs, vice president of student life. The sophomores and juniors, in red will play against the freshmen and seniors, in blue Approximately 10 guys, known as the Dixie State Dolls, who have been g a dance routine for the last several weeks. They will be performing to When I Grow Up by the Pussy Cat piac-ticin- Dolls. To continue the celebration, there will be an Alumni Assembly on Friday at 10.30 a.m. at the Eccles Concert Hall. At noon Spiead the RedRock the Mall will begin at the Encampment Mall. Also at noon, a Golden Geneiation Luncheon will be held m the Gaidnei Centei Ballioom Luncheon tickets are $ 0 and can be pui chased by calling 652-753- 652-753- 8 oi 5, 879-424- 8. Music," "Guys and Dolls" and many others. Fridays activities will conclude with a pep rally at 8 p.m. at the Encampment Mall. of the numeious speakeis fiom the many musicals and plays dn ecled by Di Mai ion 8 Bentley fiom Speakeis include peifonucis fiom the musicals "West Side Story," "Sound of 1962-196- c stui to a othi thei and A Saturday begms with the First Lady 5K RunWalk at 7 a m. at Hansen Stadium. This will be followed by the parade at 9.30 a m. D.J. Schmutz, vice piesident of the Inter-Clu- b Council, said all parade entries need to line up at 300 East and Tabernacle. Theie are more than 50 entries, and they are unable to add any moie floats. The parade will run west out Tabernacle and finish at 100 West. Org wh vie' 10U tior Stu eve toe Slg S reg IOC. nan tioi tioi A Founders Day celebration will be held at 10:30 pro up a m at the St. Geoige mfi Tabernacle followed by a tailgate pai ty at noon at the Alumni House. DSC will play Humboldt State at 1 pm An Alumni Banquet will be held at 7 p in. in the Old Gym, and the Homecoming Dance will be fiom 9 p m. to midnight m the Gaidnei Ballioom Special Eients Chair Stephanie Biady said the Homecoming Dance is howeiei, men can wcai nice suits in lieu of lcntmga tuxedo Tickets aie $10 per couple if pin chased m ad ance at the Cox Box Ollice oi $15 per couple if pui chased at the door Picture sen ices will be olTcied during the dance Biady said the theme this ycai is Autumn in New Yoik l, Chaus will be placed m the back foi those who do not want to attend the luncheon but do w'ant to heat one c usn tal. stm tex Org ers site and use eas eve 1 StUi ,Clu inv vid hel ach enc Prn inv ties mo site |