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

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