Wachovia To Be Acquired by Wells Fargo
In an abrupt change of course, Wachovia (B) said Friday it will be acquired by Wells Fargo & Co. (WFC) in a $15.1 billion all-stock deal, wiping out Wachovia's previous plan to sell its banking operations to rival suitor Citigroup. A key difference is that the Wachovia deal will be done without government assistance, while the Citigroup deal would have been done with the help of the Federal Deposit Insurance Corp.
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