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» New bailout planned

» U.S. mulls buying bank shares

» Home foreclosure filings up 55 percent in July

» Jobless Claims Soar To 7-Year High

» Stocks slump on AIG, housing

» Housing Starts Hit Record Low; Drop 4.5% in October

» Wall Street gains at the open

» DHL cuts 9,500 U.S. jobs

» Gas prices slip below $2 nationally

» Fannie Mae and Freddie Mac: A Damage Report

» Consumer Prices Drop 1.0% on Lower Gasoline Costs

» More pain at Fannie - $2.3 billion loss

» Oil Hits 8-Month Low Under $90 A Barrel

» Stocks jump on Lehman, oil

» Wells Fargo Acquiring Wachovia for $15.1 B

» Citigroup Returning Billions To Investors

» Stocks struggle ahead of crucial bailout vote

» World Stock Markets Continue The Rally

» Black Friday Deals Try to Beat Recession Fears

» Financial Woes Force Boomers to Work Longer. That's Good

» Statoil to stop investing in Iran

» Congress To Re-Scrutinize Bailout Plans

» Elizabeth Edwards Focuses On Health Care

» Oil rises as market waits

» Stocks slump on recession fears

» Wall Street opens higher after China stimulus

» Key to the Crisis: It's the Housing Market, Stupid

» Illinois sheriff: No foreclosure evictions on my watch

» 7.5 million homeowners 'underwater'

» More Mortgage-Fraud Reports May Signal Industry Cleanup

» Millions Spent On Unapproved Medicines

» Dangerous Toys Could Still Be on Shelves

» Sunday oil trading to test Gustav reaction

» Audit: ATF Loses Weapons; Hundreds of Laptops

» Low marks for Paulson, bailout

» U.S. pulls the trigger

» Gas price drop: Closing in on $3

» Estamos en recesión mundial: Expertos

» Average gasoline price falls below $2, cheapest since 2005

» Global Market Meltdown Continues

» Out Of Work, Out Of Insurance, Out Of Luck

» WaMu Seized, Sold Off in Biggest Bank Failure in U.S. History

» Carmaker GM loses another $15.5bn

» Offshore Drilling Debate Hits Senate

» Legendary singer Makeba dies after collapsing on stage

» Meltdown Warnings Ignored, Analysis Shows

» UK's Nationwide buys mortgage rivals

» Gas price decline nears 40 cents

» The Market Outlook: More Plunges or a Year-End Rally?

» New world on Wall Street

» Economic chaos creates surge in homelessness

» Gas prices continue month-long slide

» Stocks set for sharp gains

» Signs of hope

» Want A Raise? Merit Pay May Be Only Way

» Markets Cheer Calls to Overhaul Global Finance

» JetBlue to Auction Flights on eBay

» Gas prices extend decline: 5 days and counting

» Regulations affecting appraisers largely useless

» GM, Ford report huge losses, worries about survival loom

» Asian, European stocks rebound after Wall Street rout

» Gas prices ease for 8th straight day

» Hundreds Stranded As Airline Shuts Down

» A bad investment ripples through Main Street

» Oil sinks more than $4 as dollar rallies

» Bush Goes Full Speed Ahead On Bailout

» FBI probing bailout firms

» Dow falls below 10,000

» US jobless rate at four-year high

» Michigan Could Lose 60,000 Jobs If GM and Chrysler Merge

» Fed to Buy $600B in Mortgage-Backed Assets

» Building A Better Automaker

» World Markets Slide Further; Japan's Nikkei Hits 26-Year Low

Entertainment

» Taylor Swift: I Have Trouble Buying Underwear Now That I'm Famous

» 'Dark Knight' tops $500 million

» Michael Moore: Stop reading now

» Hugh Hefner Says Girlfriends Aren't Leaving Him

» What Does Victoria Beckham Really Think of David in His Underwear?

» Mickey Rourke makes comeback from rough times

» Singer Lucinda Williams shows joy in 'Little Honey'

» Anne Rice comes to Jesus

» Mother & daughter show 'Kathy and Kim' a relative bore

» 'Mentalist' performs real trick: it's a TV hit

» Oprah sued over man's arrest on extortion charge

» Spitzer Hooker to His Wife: I'm Sorry for Your Pain

» Holmes' Broadway Debut Heats Up Red Carpet

» Carrie Underwood Loses Respect for Stars Who Endorse a Candidate

» Jacko's Secrets Could Be Spilled Again

» Newman’s Favorite Role: Philanthropist

» Madonna and Guy to divorce

» Stars join the furor over gay marriage ban

» Guy Ritchie returns to crime world with new film

» Broadway debut for Haley Joel Osment

» Jessica Simpson Talks About Abuse, Wants to Make Babies

» Madonna, Guy Granted Preliminary Divorce

» Natalie Portman's Directorial Debut

» Another star booted from 'Dancing'

» 'Three Stooges' Headed To Big Screen

» 'Four Christmases' debuts in No. 1 slot

» Wacky Brit ready to grab America through VMAs

» Best-Selling Author Michael Crichton Dies

» 'Milk' is a terrific film

» Holly Madison Seems Miserable Without Hugh Hefner

» Daniel Craig and the pain of being James Bond

» Donald Trump Gets Emotional Over Christina Aguilera

» Tom Jones goes retro for new album

» Britney steals show at drama-free VMAs

» Sean Connery's early life as a milkman

» "Marcia Brady": I Had Fling With "Greg"

» Tara Reid Says She Isn't Acting Because of the Strike

» Al Pacino collects award at Rome Film Festival

» "Four Christmases" Unwraps $46.7M

» Disney actor booted from 'Dancing'

» PETA Steps Into Hogan Fight: Is Linda Lying About Her 'Fake' Fur?

» Stars roast 'Today' show host Matt Lauer

» Jolie outstanding in Eastwood's 'Changeling'

» 'Bones' characters still have issues

» Movie paints picture of catastrophic future

» Doctor: DJ AM, Blink-182's Barker severely burned in crash

» The little band that wants to change the world

» Vampires, sex make 'Blood' a hit

» Why Lisa Bonet Is Nervous About Her Return to TV

» Baldwin promotes the book he didn't want to write

» Ashanti Rocks The Youth Vote

» Music mogul Suge Knight arrested in Las Vegas

» Beyonce and Jay-Z Top Forbes List of Hollywood Power Couples

» When 'The Blob' came to town

» 'Body of Lies' flat

» Clooney raises money in Venice for Darfur victims

» Coen Brothers "Burn" Up Box Office

» Kardashian, Bass among new 'Dancing' stars

» Prosecutor plays tapes of angry, cursing O.J.

» Legendary singer Joan Baez says she's finally happy

» Sheryl Crow inspires voters with free music

» The breakout star of 'Bolt' (and it's not the dog)

» Hefner biography full of sex, fun

» Gervais gives edge to 'Ghost Town'

» Kate Hudson Says Being Beautiful Is 'Weird'

» Top Fashion Labels Gift Lauren and Audrina but Refuse Clothes to Heidi?

» 'Twilight' needs more flash

» 'HSM3' is pretty good

» Dog Gone Disney

» Fans can shop with Oprah online

» Hudson offers $100,000 reward for nephew's safe return

» 'Mad Men' wins best drama, '30 Rock' best comedy

» Solange Snaps On Live TV: Don't You Dare Call Her Beyonce's Sister!

» Ewing clan returning for 30th 'Dallas' anniversary

» Diddy and Beyoncé Moved to Tears By Obama's Victory

» DJ AM Gives First Performance Since Deadly Plane Crash

» Why Scarlett Johansson kissed Penelope Cruz

» Britney and Justin's Mini Reunion at Madonna Concert

» Ashley Olsen Can't Keep Hands Off New Beau

» 'Dancing' sends Susan Lucci back to Pine Valley

» 'Dancing' bids goodbye to another star

» Lindsay Lohan's Dad Wants Samantha Ronson Out of Her Life

» New 'Idol' Judge Starred in Reality TV Bomb

» Holly Moves Out of Hugh Hefner's Master Bedroom, New Girls Move In

» Hef Who? Holly Madison and Criss Angel Get Spooky Together in Sin City

» Paul Newman dies at 83

» Contrived 'Burn After Reading' disappoints

» Chris Rock: It's simple, vote for the guy with one house

» Chris Brown, Kanye West Sweep American Music Awards

» Dead athlete's relatives star in Ice Cube video

» Tina Fey: Please watch my 'fun comedy show'

» Spears' mom chronicles stormy times in memoir

» Is Britney's Comeback Too Much, Too Soon?

» Pop star's murder sheds light on hidden world

» 'Blindness' provokes blind activists nationwide

» Dion salutes his 'Heroes' on new CD

» 'In a world' voiceover master dies at 68

» Brit admits marriage to K-Fed was a mistake

» Cowboys cheerleader, comic geeks on 'Amazing Race'

» Body of Former 'American Idol' Standout Found in Car Outside Paula Abdul's Home

» Prince wishes 'freedom' for every artist

» Chesney CMA Entertainer Of Year ... Again!

» Fey on this week's 'SNL' plans: 'I don't know'

» Hathaway dazzles in 'Rachel'

» 'Family Guy' creator is a wealthy man

» Anna Faris Felt 'Awful' Shedding 10 Pounds, Was Intimidated by Hef’s Girlfriends

» Faris saves 'House Bunny' with comic timing

» Heroines abound on cable, but 'The Starter Wife' is something new

» Tricky Charli's Caribe 'HIDEAWAY'

» Appeals court: Phil Spector's retrial can proceed

» Simon Cowell Not Hollywood's Only Serial Single

» Meet the new 'American Idol' judge

» Vivica A. Fox's style leaves something to be desired

» Twilight Sucks Up Huge Box Office Bucks

» Jenny McCarthy Slams Amanda Peet Over Vaccines

» Hoping new '90210' as good as the old

» Jacko's Nanny in Hiding

» Janet Jackson rushed to hospital, cancels Montreal concert

» Britney Spears: Ready for Husband Number Three

» Bill Murray looks for renewal after 'devastating' divorce

» BBC's top star loses $2.4m in phonecall row

» Dancing is hotter than ever ... on TV

» Harry Shearer's 'Oh my God' moments

» 'Great Kisser' Eva Mendes Plays Other Woman in Lesbian Relationship

» Vanessa Hudgens Sick of Stalkers

» When Wacky Packages ruled

» Dave Matthews Band saxophonist dies, spokeswoman says

» Something is rotten in 'Hamlet 2'

» Indie prince Sarsgaard goes British on Broadway

» "Bangkok" Tops Slow Weekend Box Office

» Indian Models: Fashion's Next Love Affair?

» The battle over 'The Godfather'

» Keira Knightley Talks Boobs, Babies & Wanting to Set Her Head on Fire

» 'Infinite Jest' author, 46, an apparent suicide

» 'Fireproof' surprise hit of the fall

» 'Mad Men' flying high -- except in the ratings

Fashion & Style

» For Women Fall 2008 Ready-to-Wear

» For Men

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Movies

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News

» Karzai Seeks Help Negotiating With Taliban

» 'Quantum of Solace' No. 1 at box office

» Bush: Bailout Plan Aims to Avoid Future Crisis

» Citi dodges bullet

» Clinton Backs Out Of Event With Palin

» As debate nears, concerns about Palin's readiness

» Pirates attack Saudi 'super tanker'

» On Trial: the Shadowy Network at the Heart of Turkey

» Train collision probe to examine text messages

» Citigroup to cut more than 50,000 jobs

» Fed in AIG rescue - $85B loan

» Five hostages killed in Jewish center, chaos at hotel

» Car Bomb Hits U.S. Embassy In Yemen

» Meltdown: A global warming travelogue

» Fierce winds fan Calif. fire overnight

» Quaker tries to outmaneuver military recruiters

» Stock crunch deepens

» Clinton Said to Be 'Agonizing' Over Secretary of State Decision

» Hurricane Ike leaves 4-plus million without power

» Gates expected to stay on as Obama's defense secretary

» Mumbai: PM blames 'outsiders' as hotel battles rage

» Terrorist watch lists shorter than previously reported

» McCain pokes fun at campaign in 'SNL' visit

» Network anchors join forces to fight cancer

» Hawaii Ending Universal Child Health Care

» U.S. Lashes Back After Chavez Forces Envoy From Venezuela

» Ike blamed for 27 deaths from Texas to Midwest

» JetBlue reopens evacuated terminal at JFK in New York

» Jennifer Hudson worked her way up

» Execution put on hold for man convicted in cop's murder

» State rep seeks witness-tampering probe in Palin inquiry

» North Korean nuclear plant seals removed

» Central banks' $247 billion deal

» Alaska neighbors love their hockey mom VP candidate

» Spain: Son of Osama bin Laden deported

» Pope: 'Accept Death at God's Choosing'

» OJ Simpson's Fate Rests with Las Vegas Jury

» Supreme Court Divided On TV Profanity

» Economy Shed 159,000 Jobs in September

» House GOP objects to spending in $150 billion stimulus package

» Sept. 11 Marked With Moment of Silence Lead by President, Other Ceremonies

» Russia plays down EU threats over Georgia

» McCain Defends Health, Campaign Tactics

» 'Irrational' behavior drives gas prices more than Ike

» Border Clashes Add to US-Pakistani Tensions

» Early voting a boost for Dems

» Taliban split with al Qaeda, seek peace

» McCain, Obama fight for title of 'most qualified'

» Sen. Stevens: I Was Unaware I Got Freebies

» Hurricane Gustav begins to pound Louisiana

» Sea floods Texas island; get out or 'certain death'

» Bomb Kills 1 In Georgia Law Office

» Global stocks suffer again

» N. Korea Bans U.N. From Nuke Plant

» What's Got McCain Down in Florida

» Sheriff: Bonfire caused 1 of 3 Calif. wildfires

» Bernanke Hints at Rate Cut; Wall Street Surges

» College Students Still Face Voting Stumbling Blocks

» Murder trial in Italy has everything a tabloid could want

» Cindy McCain goes on the attack

» Possible Citigroup Sale Perks Up Wall St.

» Syria: U.S. Attack "Serious Aggression"

» The bailout: What's at stake

» Opening Statements Start in Fort Dix Plot Trial

» Ukraine Democracy Could Cool Its Bid for NATO Membership

» New U.S. commander takes over in Iraq

» Attorney general collapses giving speech; he's alert in hospital

» Biden touts experience, Palin pushes 'maverick' record

» A Year After Stacy Peterson Vanished, Husband Calls It 'Just Another Day'

» A historic election, no matter the outcome

» FBI Calls Case an 'Honor Killing,' Upsetting Muslim Group

» Palin Goes After Obama on Coal Comments

» Stocks set for rebound

» U.S. Pilot Ordered to Shoot Down UFO Over England

» McCain to show up for debate after all

» As economy sinks, officials fear violent solutions

» Santa Barbara Wildfire Sparked by College Students' Bonfire

» Palin aide says Obama backers politicizing Alaska investigation

» Thousands without power after winter blast

» 16 Reported Dead in US Embassy Blast

» Contaminated Baby Formula Fears Hit U.S.

» G-7: 'Urgent action' needed

» GOP faces identity crisis in months ahead

» Texas coast faces long recovery after Ike

» Could you pass the new citizenship test?

» Fed: Emergency cut

» 81,312 homes lost to foreclosure in September

» After the Financial Crisis, a Clean-Up That Changes Everything

» Hurricane Omar nears Puerto Rico with 75-mph winds

» What rescue means for mortgage rates

» Bush: Bailout plan necessary to deal with crisis

» McCain: 'Fight with me'

» Pentagon survivor: 'A lot of good people died'

» Columbia University to Vote on Allowing Military Training Program on Campus

» Sarah Palin appears on 'Saturday Night Live'

» Global stocks rebound

» Understanding the Drop in Cancer Cases

» It's official: Recession since Dec. '07

» Obama to fill out national security team

» As jobless funds fall, states look to raise taxes

» Four things McCain needs to accomplish this week

» Syria To Open 1st Ever Embassy In Lebanon

» Bailout: Senate to vote Wednesday

» Peterson claims desertion, meets with divorce lawyer

» Falling oil prices? Food won't necessarily follow

» Ahmadinejad: 'American empire' nearing its end

» Teacher Gets 6 Years In Student Sex Case

» 'Awakening' leads to soldier's status as conscientious objector

» More Winds Expected To Stoke Calif. Fires

» Exxon Mobil: Biggest profit in U.S. history

» Private levee near New Orleans in danger, official says

» A New Class of Antibiotics Could Offer Hope Against TB

» Laura Bush, Cindy McCain to Address Opening Session at GOP Convention

» EU Leans On U.S. To Fix Financial Crisis

» McCain's Outraged and Outrageous Campaign

» U.S. troops launch helicopter assault in Pakistan

» Fire rages near Getty Center in Los Angeles

» At Least 168 Die In India Temple Stampede

» Palin daughter's pregnancy stirs strong emotions from iReporters

» Bush, Fed chair push for rescue

» Financial rescue 101: What's in the bill

» Russia signs treaty to defend separatist regions in Georgia

» Military Finds Love For "Osprey" In Iraq

» Long lines, glitches reported during early voting

» Rain, tornado threat lingers as Gustav fades

» Oil prices fall -- will groceries follow?

» Palin details plan for special-needs kids, blasts Obama on taxes

» Politics, fear spell doom for bailout

» Palin abused power, broke no laws in trooper case

» Colombia probes mysterious deaths

» Pentagon 9/11 memorial honors victims in symbols, concrete

» McCain Campaign Volunteer Admits Alleged Attack Was a Hoax

» Product placement pairs cars with stars

» Town stunned as 8-year-old charged in two killingsStory Highlights

» Buffett bio recounts flaws, triumphs

» Study Links Sex In Shows To Teen Pregnancy

» Lehman Brothers To File For Bankruptcy

» U.S. Encouraged By N. Korea Nuke Actions

» Texans flee 7 coastal counties ahead of Ike

» World Leaders Seek Detection Systems at Economic Summit

» Palin comes out throwing punches

» Alaska National Guard Hit "Crisis Level"

» Boy Sought After Drug Deal Kidnap In Vegas

» Palin's budget choices praised, criticized

» Tina Fey reprises Palin role in 'SNL' debate sketch

» Hanna visits the Bahamas

» Cruise Ship Attacked by Somali Pirates

» Turkey: Planes Strike Kurd Bases In Iraq

» Western Officials Say North Korean Leader Kim Jong Il May Have Suffered Stroke

» Fishing industry hurting in La.

» Mumbai Terror Suspect's Arrest Captured on Video

» Scores Dead In String Of Iraq Blasts

» Wall St.'s Remaining Giants Go Commercial

» Possible Break In Hudson Murders Case

» Alabama Plans to Tax Fat Employees to Recoup Insurance Costs

» Last Titanic Survivor Hits Rough Waters

» Obama, McCain Duel Over The Economy

» O.J. jury prospects: 'Media' contacted us

» Holiday icon fights slowdown by 'tweeting,' texting

» Former Thai Premier Found Guilty of Corruption

» AIDS, cancer scientists scoop medicine Nobel

» 'Oh Great': Astronaut Loses Tool Bag During Spacewalk

» Teen daughter of GOP VP pick is pregnant

» Florida Keys Residents Weigh Evacuation as Ike Slams Cuba

» As Somali Pirates Get Bolder, Policing Them Gets Tougher

» Poll: Convention lifts McCain over Obama

» 85,000 homes lost to foreclosure in October

» Terrorists use cash, avoid financial ties

» Pirates anchor supertanker off Somalia

» Body of missing girl found in suitcase

» Secret Order Lets U.S. Strike Al Qaeda Anywhere

» FBI Warns of 'Anthrax' Letters Sent to Media Outlets

» Ike Strengthens Into 'Extremely Dangerous' Category 4 Hurricane

» Thrift stores: We're seeing more middle-class shoppers

» Ike destroys wildlife 'truck stop'

» Armed Islamists set to attack pirates: report

» House Democrats plan second economic stimulus package

» Some optimism for global markets

» Search continues for 2 men in frigid waters

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Technology

» Best and Worst Places for Data Centers

» Wireless recharging one step closer to reality

» Beijing enhanced Olympics show with faked 'fireworks'

» Mars Lander Finds Evidence of Past Water, Spots Snow

» India: R&D Stronghold

» Google: AOL stake may be a loser

» Crying Foul over Online Junk Food Marketing

» China accused over iTunes outage

» NASA: Space shuttle replacement won't fly until 2014

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Wells Fargo Acquiring Wachovia for $15.1 B

10/03/2008

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(SAN FRANCISCO) — In an abrupt change of course, Wachovia Corp. said Friday it will be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal, wiping out Wachovia's previous plan to sell its banking operations to rival suitor Citigroup Inc.

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.

 

The Wachovia-Wells deal, announced Friday, comes in a turbulent time for banks and financial firms as they grapple with the ongoing credit crisis, which led to the recent bankruptcy of Lehman Brothers Holdings Inc. and the failure of Washington Mutual Inc.

 

Wachovia shareholders will receive 0.1991 shares of Wells Fargo for every share of Charlotte, N.C.-based Wachovia stock they own, valuing Wachovia at about $7 per share. This is a nearly 80 percent premium over the stock's Thursday closing price of $3.91. Shares closed at $10 last Friday, the last trading session before the deal with Citigroup was announced.

 

On Monday, Citigroup had agreed to buy Wachovia's banking operations for $2.16 billion in a deal orchestrated by the federal government.

 

That deal, which had been approved by the boards of both companies, was still subject to approval by Wachovia's shareholders and regulators.

 

San Francisco-based Wells Fargo will record merger and integration charges of about $10 billion, but says it expects earnings to be boosted within the first year after the acquisition closes. No government assistance is part of the deal terms.

 

Wachovia shares were up $2.25, or 53%, at $6.50 in premarket trading, while Wells Fargo fell $1.40, or 3.8%, to $35.31. Citigroup shares were down $3.10, or 13.2%, to $20.35.

 

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