Change of plans: Wells Fargo’s buying Wachovia

10.3.2008 by André Natta · → Leave a comment

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A press release early this morning announced that Wells Fargo was purchasing Wachovia as an intact entity, and avoiding the need for government assistance in the buyout. This is a major change from the word received earlier this week that would have had Wachovia’s retail banking operations purchased by New York-based Citigroup. The new deal is worth $15.1 billion. We’ll update as more information becomes available.

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Filed under: Business

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