The Banking and Strategy Initiative

Chillin' out till it needs to be funded

Wells Sells Billion in Stock for Wachovia Deal


via Wells Sells Billion in Stock for Wachovia Deal – Mergers, Acquisitions, Venture Capital, Hedge Funds — DealBook – New York Times

In one of the largest common stock offerings this year, Wells Fargo sold a greater-than-expected $11 billion of stock on Thursday evening to help fund its purchase ofWachovia.

The bank’s 407.5 million-share offering was priced at $27 a share, 6.2 percent below Wells Fargo’s closing price of $28.77 on Thursday. In after-hours trading, Wells Fargo’s shares fell 87 cents, to $27.90, Reuters reports.

Wells Fargo said in a statement that it might sell another 61 million shares to meet demand, increasing the offering to about $12.65 billion. The San Francisco-based bank said Wednesday that it planned to sell at least $10 billion in stock.

One comment on “Wells Sells Billion in Stock for Wachovia Deal

  1. Pingback: Money, Stock and Finance » Blog Archive » Wells Sells Billion in Stock For Wachovia Deal

Comments are closed.


This entry was posted on November 7, 2008 by in Global, Investments, US and tagged , , , , , .


%d bloggers like this: