Movers: Wachovia, Wells Fargo, Citigroup, AIG

Stocks in the news Friday

Wachovia (WB) and Wells Fargo (WFC) and Wachovia sign definitive agreement whereby WFC will acquire WB in a whole-company transaction requiring no financial assistance from the FDIC or any other government agency. Under the agreement, WFC will acquire all outstanding shares of WB common stock in a stock-for-stock transaction with a total value of about $15.1 billion. WB holders will get 0.1991 WFC share per WB share held. WFC will record WB's credit-impaired assets at fair value. The deal is expected to add to WFC's EPS in the first year of operations, excluding related-charges expected to be about $10 billion and credit reserve build

To continue reading this article you must be a Bloomberg Professional Service Subscriber.