China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Wells Fargo and Wachovia agree to merge
(Reuters) - Wachovia agreed to merge with Wells Fargo in a deal worth approximately $15.1 billion.
* Wachovia shareholders will receive 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock.
* Says Wachovia shareholders will receive 0.1991 shares of Wells Fargo common stock
* Says total transaction value of approximately $15.1 billion.
* Says will record Wachovia's credit-impaired assets at fair value
* Says transaction, based on Wells Fargo's closing stock price of $35.16 on October 2, 2008, is valued at $7.00 per Wachovia common share
* Says expects to incur merger and integration charges of approximately $10 billion
* Says intends to issue up to $20 billion of new Wells Fargo securities, primarily common stock
* Says the agreement requires the approval of Wachovia shareholders and customary approvals of regulators
* Says deal expected to add to EPS in the first year of operations
* Says St. Louis will remain the headquarters of Wachovia securities.
* Says three members of Wachovia board will be invited to join the Wells Fargo & Company board
* Says deal requiring no financial assistance from FDIC or any other government
agency
