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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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[...] next bit of news causing a stir on Wall Street is the news that Wachovia has decided to reject its recent negotiations with Citi and the FDIC. Wells Fargo has decided to buy Wachovia whole and intact, and for about $7 per share. This new [...]
[...] Did you hear Wells Fargo now has Wachovia? You can read all about it at Green Panda Treehouse. [...]
[...] Wells Fargo Now Has Wachovia at Green Panda Treehouse [...]
The takeaway you can get from all these mergers and buy-outs is that the economy isn’t going into the toilet. There are always bigger fish to help out and eat the smaller… We might be in a recession, but clearly buying is still happening, even on massive scales…
Check out hanks last blog post..Hanks Weekly Hangouts #52 (October 5, 2008)
@ Hank: We’re keeping or money there until we see who buys Wachovia.How good their customer service is determines if we switch or not. I’m glad Wachovia had 2 interested buyers and I’m hoping Wells Fargo win.
[...] Wells Fargo Now Has Wachovia [...]