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Nov 7, 2008

Wells Sells Billion in Stock for Wachovia Deal

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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.

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  1. Money, Stock and Finance » Blog Archive » Wells Sells Billion in Stock For Wachovia Deal says:
    November 8, 2008 at 8:59 am

    [...] 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. …[Continue Reading] [...]

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