Wells Fargo to Buy Wachovia in $15.1 Billion Deal
http://dealbook.blogs.nytimes.com/?p=27052&dlbk&emc=dlbk
Wells Fargo said early Friday that it would merge with Wachovia -- including
the Charlotte, N.C.-based bank's troubled banking operations -- in a $15.1
billion, all-stock deal.
The announcement came only four days after Citigroup
reached an agreement in principle to buy Wachovia's banking operations
for about $1 a share, at the government's behest and with a guarantee
to absorb most of the losses on Wachovia's massive loan portfolio. That
deal, which Wachovia now appears to be spurning, would have left
Wachovia with only its securities and retail brokerage businesses.
Wells
Fargo, based in San Francisco and considered one of the strongest banks
amid the market turmoil, said that its deal requires no assistance from
the Federal Deposit Insurance Corporation or any other government
agency. It will raise up to $20 billion by issuing new shares,
primarily common stock.
Wachovia shareholders will receive
0.1991 shares of Wells Fargo common stock. Based on Wells Fargo's
Thursday closing price, that amounts to $7 a share.
Go to Item from DealBook»
Go to Wells Fargo Press Release via BusinessWire»
Go to Wachovia Press Release via PRNewswire»
Dr King was a Community Organizer!! George Wallace was a Governor!!
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