Articles Tagged with ''Wachovia Securities''

Wells Fargo and Wachovia Merger Complete

Wells Fargo & Co. [stock WFC][/stock] announced Thursday the completion of its merger with Wachovia Corp., resulting in a monstrous distribution system for financial services with 1.4 trillion in assets and 11,000 stores nationwide servicing 48 million banking households and employing 276,000 employees.
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A look inside the Wells/Wachovia merger

With Wells Fargo emerging victorious from a bloody battle over Wachovia earlier this week -- it seems so, like, last week already, doesn't it? -- some details over just how bad things were for Wachovia are emerging. From the Decatur Daily via Trading Markets:
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Fed Backs Wells' Merge With Wachovia

Wells Fargo & Co. [stock WFC][/stock] announced Sunday that the Board of Governors of the Federal Reserve approved its application to merge with Wachovia Corp. [stock WB][/stock] "The approval is an important step forward in the transaction, which still requires the approval of Wachovia shareholders," and should be completed by the end of Q4 2008, Wells said in a press statement Sunday.
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Wells Moves Forward After Citi Moves On

Wells Fargo & Co. [stock WFC][/stock] announced Thursday it plans to move forward with the Wachovia Corp. [stock WB][/stock] merger, which should be completed by the end of Q4 2008. The announcement came after Citigroup Inc. [stock C][/stock] pulled out of resolution talks Thursday after four days of discussion on splitting Wachovia's assets.
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Citigroup Says 'No More' to Wachovia Talks

After agreeing to play nice in the battle for Wachovia Corp. [stock WB][/stock], Citigroup Inc. [stock C][/stock] called off its efforts Thursday evening to split Wachovia with rival suitor Wells Fargo & Co. [stock WFC][/stock] "The dramatic differences in the parties' transaction structures and their views of the risks involved made it impossible to reach a mutually acceptable agreement," Citi said in a statement released Thursday.
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Wachovia Battle Rages On; Wells, Citi Discuss Carve-Up

Wells Fargo & Co. [stock WFC][/stock], locked in a heated dispute with Citigroup Inc. [stock C][/stock] over an acquisition of Wachovia Corp. [stock WB][/stock], seemed to have the advantage Monday morning, following a court ruling in its favor and the issuance of press statements by Wachovia supporting its offer. Federal officials, however, may force both Wells and Citi to agree to split up Wachovia, according to various published reports.
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Citi Decries Wachovia's Agreement With Wells Fargo, Threatens Suit

There's another suitor in line for Wachovia Corp. [stock WB][/stock], and Citigroup Inc. [stock C][/stock] doesn't like it. In fact, Citi has taken the lovers' spat to Judge Judy proportions by calling Wachovia's agreement to sell to Wells Fargo & Co. [stock WFC][/stock] a "breach of an Exclusivity Agreement" in a press statement Friday.
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Wells Fargo To Acquire Wachovia

Scrapping a federally-backed deal with Citigroup Inc. [stock C][/stock], Wachovia Corp. [stock WB][/stock] announced early Friday that it would instead accept an offer from Wells Fargo & Co. [stock WFC][/stock] for the entire company sans any government intervention. The deal is worth approximately $15.1 billion, and involves an offer of $7.00 per Wachovia common share -- well above Thursday's $3.91 closing price.
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Wachovia Revises Q2 Loss Downward, Ups Mortgage Job Cuts

For the second straight quarter, North Carolina-based Wachovia Corp. [stock WB][/stock] revised a quarterly loss and said it lost more money than originally estimated; in this case, the revision was tied to a possible legal settlement of auction-rate-securities claims with state and federal regulators, according to a late Monday filing with the Securities and Exchange Commission.
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