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10/03/2008 04:29 PM ID: 73774 Permalink   

Wells Fargo Buys Failing Wachovia Bank

 

Wells Fargo & Co. has made a deal to acquire the failing bank of Wachovia. Originally, Citigroup was planning to buy the bank, but Wells Fargo provided a better offer. Wells Fargo will pay $15.1 billion for Wachovia's stock.

The deal is still under review by the Federal Reserve, as they were previously examining the Citigroup offer. Wachovia shareholders will receive about $7 per share, which is about 80% more than the stock's Thursday closing price of $3.91.

This acquisition is an attempt to prevent a crisis for Wachovia's customers without government interference.

 
  Source: www.msnbc.msn.com  
    WebReporter: Mr. Wright Show Calling Card      
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  5 Comments
  
  The free market works  
 
This is what is supposed to happen when a bank fails. A better, more efficient bank buys them up. The government doesn't need to give ANY banks a penny. The credit crisis is a scare tactic, if you ask me.
 
  by: Mr. Wright     10/03/2008 04:34 PM     
  update  
 
It looks like Citigroup and the FDIC are fighting this deal now
 
  by: Mr. Wright     10/03/2008 07:57 PM     
  Wtg Wells Fargo  
 
I did hear on the news this morning that citigroup is fighting it, but once again how does a bank with billions of peoples money not have any??????? Im glad that wells fargo is buying them out instead of having the government doing it. WTG wells fargo
 
  by: brandyf1401   10/04/2008 01:24 AM     
  hah and no guarantee  
 
take that citibank
 
  by: MmmMan     10/04/2008 06:43 AM     
  Oh Boy  
 
How many more banks are going to go belly up ?
 
  by: wvcoalminer   10/05/2008 02:26 AM     
 
 
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