Wells Fargo prices $11 billion stock offering at $27 per share
Written on November 7, 2008
Wells Fargo said Thursday that it priced its $11 billion stock offering at $27 per share.
Wells will spend the proceeds to help pay for its planned purchase of Wachovia (NYSE: WB). The bank sold 407.5 million shares in the offering, which includes an option for the underwriters to purchase an additional 61 million shares to cover over-allotments.
The offering is expected to close Nov. 13.
In New York Stock Exchange trading Thursday, Wells closed at $28.77, down $2.91 or 9.19 percent. The shares fell another 5 percent, or $1.43, to $27.34 in after-hours trading.
J.P. Morgan Securities Inc. (NYSE: JPM) is the lead manager in the offering fast payday loan no faxing. Other underwriters were Goldman Sachs & Co., (NYSE: GS) Morgan Stanley, (NYSE: MS) UBS Investment Bank and Wachovia Securities.
Wells Fargo, (NYSE: WFC) with $622 billion in assets, expects to close on its purchase of Wachovia by year-end. The transaction will make Wells the nation’s third bank with a coast-to-coast branch network, joining Bank of America (NYSE: BAC) and Chase, which recently acquired the failed Washington Mutual.
Filed in: business.