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Wachovia-Wells Fargo Merger Moves Closer

CHARLOTTE, NC-After winning shareholder approval, the $12-billion deal should be done next week.

By Carl Cronan | Updated on December 23, 2008

CHARLOTTE, NC-Wachovia Corp. shareholders approved the locally based bank’s merger with Wells Fargo & Co. by a 76% margin during a special meeting Tuesday morning. The transaction should be finished within the coming week, concluding a bit of banking industry drama that essentially lasted the entire fourth quarter.

“We received overwhelming support from Wachovia’s shareholders today, with approximately 96% of the votes cast by Wachovia shareholders approving the transaction,” CEO Bob Steel stated in a release. He added that “the Wells Fargo/Wachovia combination will provide superior growth and long-term value to our shareholders, customers, employees and our communities.”

Wachovia and San Francisco-based Wells Fargo agreed to the merger Oct. 3, just days after federal authorities arranged a quick sale of Wachovia to Citigroup for what amounted to roughly $1 per share, or $2.1 billion. Wells Fargo offered $15.1 billion, or $7 per share, with no requirement of government assistance. The final purchase price figures to be just under $12 billion, based on current stock values.

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