The Banking and Strategy Initiative

Chillin' out till it needs to be funded

Wells Sells Billion in Stock for Wachovia Deal

api.asp.gif

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.

Information

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

Archives

%d bloggers like this: