Wells Fargo to Buy Wachovia

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Wells Fargo to Buy Wachovia

Posted by longdongsilver 1225 days ago, popular 1224 days ago (http://online.wsj.com)
Category: Stocks | Tags: banking banks wachovia walls fargo

"Wachovia Corp. agreed to sell itself to Wells Fargo & Co. in a $15.4 billion takeover that will require no government assistance, scrapping a federally backed deal with Citigroup Inc." When one failing bank buys another, I wonder how value is created?

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neophyteblogger 1223 days ago

The Wells Fargo deal appears to be better than the Citigroup offer which would have wiped out the Wachovia shares and to think that Wachovia was the 4th largest bank in the US till a year back. The question is why was the government pushing the Citigroup deal over Wells Fargo.

scotsworth788 1223 days ago

On a side note, where the Philadelphia Flyers play is called the Wachovia Center, will it now be called the Wells Fargo center?

thekritz 1222 days ago

Scotsworth788- the name will certainly be changed. I am a Philadelphia native, and can tell you that the arena's name went through two previous iterations. It began as the Corestates Arena, which was changed to the First Union Center, and finally to the Wachovia center when Wach absorbed FU.

On another note, it doesnt look like this saga is anywhere near drawing to an end. Did you see that the courts (as well as the fed) are now getting involved, and the Wells Fargo deal could be annulled?

deborah 1222 days ago

It is going to be one of the dramatic takeovers in the world; Wells Fargo agrees to pay $15.4 billion to buy Wachovia. The representatives of Citigroup and Wachovia will meet on Oct. 10 settle the dispute. While the CEO of Wachovia expresses his interest to finalize deal with Walls Fargo rather than Citigroup. A proper solution should be drawn keeping interest of all including share holders.

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