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WASHINGTON (AP) -- The Federal Reserve has approved Wells Fargo's $11.7 billion acquisition of Wachovia.

The Fed's move comes after federal antitrust regulators backed the deal Friday, allowing San Francisco-based Wells Fargo to buy the Charlotte North Carolina-based bank.

Citigroup Thursday walked away from its own efforts to buy Wachovia, which was hit by a $5 billion run on deposits in late September after the failure of West Coast rival Washington Mutual, according to court documents filed Friday by Citigroup.

(Copyright 2008 by The Associated Press. All Rights Reserved.)