Wells Fargo Now Has Bought Wachovia

Photo Credit:  TheTruthAbout…

So now, I’m awake and watching morning news. I check out my local news and now see that Wachovia is going with a deal from Wells Fargo, Not Citigroup.

CHARLOTTE, N.C. — Wells Fargo (NYSE: WFC) last night presented Wachovia with a signed and Board-approved offer to purchase Wachovia Corporation as an intact company and without government assistance in a stock-for-stock merger transaction. Under the Wells Fargo proposal, each share of Wachovia common stock will be exchanged for 0.1991 shares of Wells Fargo common stock, representing a value of $7 per share, based on Wells Fargo’s closing stock price on Oct. 2, 2008.

Prior to receiving this proposal, Wachovia had been negotiating with Citigroup to complete a transaction supervised by the FDIC that included assistance from the government. Wachovia’s Board approved Wells Fargo’s offer last night.

The deal is for $15 billion. We’re still watching this deal, as we are Wachovia customers.

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