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Wachovia Corporation

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Fed Approves Wells Fargo-Wachovia Deal; Citigroup Seeking Damages

seekingalpha.com | 5 hours 51 minutes ago

Ron Haruni submits:The Federal Reserve Board announced Sunday its approval of the application by Wells Fargo (WFC) to acquire Wachovia Corporation (WB) and its subsidiary banks for $11.7 billion, finally removing the deals last

http://seekingalpha.com/article/99598-fed-approves-wells-fargo-wachovia-deal-citigroup-seeking-damages?source=feed

Wachovia’s other bidding war

www.bizjournals.com | 6 hours 55 minutes ago

Ground Zero: If you want to get a Dallas banker angry, ask about how much Wachovia paid for the ground lease below its year-old branch at Mockingbird Lane and Preston Road.

http://www.bizjournals.com/dallas/stories/2008/10/13/story2.html?ana=from_rss

Wachovia lost deposits as Citi fought Wells bid

www.marketwatch.com | Oct 11, 2008

(Adds details about deposit losses from Wachovia, Citigroup filings beginning in first paragraph.) NEW YORK (MarketWatch) -- As uncertainty swirled about its future, Wachovia Corp. lost billions of dollars in customer deposits - first before Citigroup Inc. offered to buy its banking operations and

http://www.marketwatch.com/news/story/wachovia-lost-deposits-citi-fought/story.aspx?guid=%7BF4CC7E6D%2D94CA%2D4BE8%2D8447%2D5D4F2C2B2AD9%7D&siteid=rss

Wachovia Notice Regarding Wells Fargo Transaction

www.prnewswire.com

CHARLOTTE, N.C., Oct. 10 /PRNewswire-FirstCall/ -- As announced on October 3, 2008, Wachovia Corporation (NYSE: WB) intends to issue shares of preferred stock pursuant to the merger agreement and share exchange agreement entered into by Wachovia with Wells Fargo & Company on October 3, 2008.

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/10-10-2008/0004902038&EDATE=

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Video: Wells Fargo's $12 Billion Bid Wrestles Wachovia; Oil Set For Biggest Weekly Drop Since 2004;

www.zibb.com

Wells Fargo $12 Billion bid wrestles Wachovia from Citigroup; Oil set for biggest weekly drop since 2004 on commodity slump; India's central bank cuts cash reserve ratio to 7.5% http://www.clipsyndicate.com/video/playlist/1998/715888?cpt=8&wpid=523

http://www.zibb.com/article/4138192/Video+Wells+Fargo+s+Billion+Bid+Wrestles+Wachovia+Oil+Set+For+Biggest+Weekly+Drop+Since+India+s+Central+Bank+Cuts+Cash

Congress Financial

Wachovia's Asset Based Lending Group and Congress Financial have joined to form a stronger Wachovia Capital Finance. As a result, we'll be able to bring you the full array of products and services Wachovia has to offer in your location.

http://www.congressfinancial.com/

Wachovia - Personal Finance and Business Financial Services

Securities and Insurance Products not Insured by FDIC† or any Federal Government Agency — May lose value — Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate

http://www.wachovia.com/

Wachovia Capital Partners

Since our inception, we have invested in over 200 middle market companies and have developed a strong track record of strategic growth and success for our portfolio companies.

http://www.wachoviacapitalpartners.com/

 

InvestSource, Inc.: Wells Fargo's Merger with Wachovia Will Continue as Whole Company Transaction

Stocks in the News: Wells Fargo & Company (NYSE: WFC) , ER Urgent Care Holdings, Inc. (Other OTC:ERUC.PK), The Pacholder High Yield Fund, Inc. (AMEX:PHF), Kayne Anderson MLP Investment Company (NYSE:KYN)

October 9, 2008 -- Wells Fargo & Company (NYSE: WFC) said today that it and Citigroup, Inc. (NYSE: C) have terminated discussions concerning a possible sale of certain banking assets of Wachovia Corporation (NYSE: WB) and reaffirmed that it is proceeding with its merger with Wachovia Corporation (NYSE:WB) as a whole company transaction with all of Wachovia's banking and other operations, requiring no financial assistance from the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Wells Fargo has submitted its application to the Federal Reserve Board seeking expedited approval of the merger and the share exchange agreement previously entered into between Wachovia and Wells Fargo. Under the share exchange agreement, Wachovia is issuing Wells Fargo preferred stock that votes as a single class with Wachovia's common stock representing 39.9 percent of Wachovia's voting power. The acquisition of the non-banking related operations of Wachovia and the share exchange agreement have received early termination from the Federal Trade Commission (FTC), under the Hart-Scott-Rodino Act.

As previously announced, under the definitive agreement between the two companies, Wells Fargo will acquire all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. In the transaction, Wells Fargo will acquire all of Wachovia Corporation and all its businesses and obligations, including its preferred equity and indebtedness, and all its banking deposits.

October 10, 2008 -- Mark Solomon, President of ER Urgent Care Holdings, Inc. (Other OTC:ERUC.PK) announced today that the Company has finalized certain terms of the Preferred Stock Exchange Program. The deadline to participate in the Exchange has been extended to November 15, 2008.

Shareholders who tender at least 1,000,000 shares or more of Common Stock will receive, in exchange for each 1,000 shares of Common Stock, one share of Series B Preferred Stock and an equal number of Warrants to purchase 1,000 shares of the Company's Common Stock for $.10 per share, exercisable for three (3) years. Each share of Preferred Stock shall entitle the holder to vote as if the Preferred Share Holder owned 1,000 shares of Common Stock. The Preferred Stock is also convertible into Common Stock after three months into 1,000 shares of Common Stock. In order to participate in the Exchange, Shareholders must tender at least 1,000,000 shares of Common Stock to the Company's Transfer Agent, Transfer Online, 317 SW Adler Street, Portland, Oregon 97204 on or before November 15, 2008. No fractional shares of Preferred Stock will be issued.

October 10, 2008 -- The Pacholder High Yield Fund, Inc. (AMEX:PHF) declared a regular monthly distribution of $0.075 per common share for the month ending October 31, 2008. The distribution will be payable on November 10, 2008 to shareholders of record on October 31, 2008. The ex-date for the dividend is October 29, 2008.

The distribution is expected to be paid from net investment income (regular interest). Because distribution source estimates are updated throughout the year based on the Fund's performance and forecast for its current fiscal year (which is the calendar year), these estimates may differ from both the tax information reported to you in your 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment.

The Fund is a closed-end diversified management investment company with a leveraged capital structure. The Fund's investment objective is to provide a high level of total return through current income and capital appreciation. Under normal circumstances, the Fund invests at least 80% of the value of its assets in high yield securities. The Fund invests primarily in fixed income securities of domestic companies. The Fund's common stock is traded on the American Stock Exchange under the symbol "PHF."

October 10, 2008 -- Kayne Anderson MLP Investment Company (the "Company") (NYSE:KYN) announced today that it has completed the repurchase of $80 million aggregate principal amount of Floating Rate Series L Senior Notes at 101% of par value. The Company decided to utilize cash on hand to repay debt and keep in compliance with Asset Coverage Ratios as required by the Investment Company Act of 1940 (the "1940 Act") in light of extreme volatility in the MLP market. After repayment of the Senior Notes, the Company's 1940 Act Asset Coverage Ratio was 301% based on closing prices on Wednesday, October 8, 2008.

The Company also announced today that it has paid as scheduled its $0.50 per share quarterly dividend/distribution for the quarter ended August 31, 2008. Cash payments to Shareholders who did not elect to participate in the Company's Dividend Reinvestment Plan were made today. On Wednesday, the day on which the dividend was set aside for payment, the 1940 Act Asset Coverage Ratio was 305% based on closing prices on Monday, October 6, 2008.

"We have been working diligently to maintain asset coverage ratios for the purposes of both the 1940 Act and the covenants on our Senior Notes. While this has not been easy in such a difficult market, we want to assure our shareholders and noteholders that we are striving hard to meet the needs of both by maintaining our coverage ratios while selling as few securities as possible into this market," said Kevin McCarthy, CEO of the Company.

Market Wrap for October 10, 2008 The stock market posted its eighth consecutive loss in an extremely volatile session, which marked a fitting end to one of the most tumultuous weeks ever. The S&P 500 settled with a loss of 1.2%, which was actually a pretty decent result considering how far it was down at session lows.

The S&P 500 plunged 7.7% on the open with global economic fears driving the selling interest. The index then quickly bounced back into positive territory, only to retreat toward session lows in afternoon trade. Then, in the final hour of the session, the S&P 500 rebounded from a loss of 7.3% to a gain of 2.9%, and eventually ended the day with a loss of 1.2%. Trading volume on the NYSE was one the third heaviest on record, with 2.95 billion shares exchanging hands.

Eight of the ten economic sectors posted a loss. Small-cap stocks outperformed, with the Russell 2000 surging 4.7%.

Continued tightness of credit markets and uncertainty regarding the economic outlook fueled the volatility. The TED spread, which is the difference between what banks charge each other for three-month dollar loans (three-month Libor) and what the government pays (three-month T-Bill) rose 40 basis points to 4.64%. For comparison, the TED spread averaged 0.36% in 2006. The volatility index, which is considered to reflect market fear, spiked to its highest level on record.

Overseas stock markets, which closed before the U.S. stock market rebounded, saw some of their worst sessions in decades. In Asian trading, Japan's Nikkei fell 9.6% and Hong Kong's Hang Seng dropped 7.2%. In Europe, London's FTSE fell 8.9%, Germany's DAX dropped 7.0% and France's CAC declined 7.7%.

ABOUT INVESTSOURCE, INC.: WIN an 8 day 7 nights Caribbean Getaway, GO TO: www.investsourceinc.com.

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To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to www.ceo-corner.com InvestSource, Inc. is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. InvestSource, Inc. affiliates, officers, directors and employees may also have bought, or may buy the shares discussed in this opinion and may profit in the event of a rise in value. InvestSource, Inc. will not advise as to when it decides to sell and does not, and will not, offer any opinion as to when others should buy or sell; each investor must make that decision based on his or her judgment of the market Please consult your broker before purchasing or selling any securities mentioned herein. To view full disclaimers, please go to http://investsourceinc.com/php/disclaimer.php (disclaimers).

This release may contain statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The information contained in an InvestSource profile is provided as an information service only. The accuracy or completeness of the information is not warranted and is only as reliable as the sources from which it was obtained. InvestSource has agreed to be compensated 8,900,000 of unrestricted stock of ERUC for services rendered. To view full disclaimers, please go to http://investsourceinc.com/content/disclaimer.

CONTACT: InvestSource, Inc e-mail: info@investsourceinc.com WWW: http://www.investsourceinc.com

M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.

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Tags: acquisition   advisor   amex   banking   book   broker   cac   caribbean   ceo   dax   dealer   debt   dividend   dollar   e-mail   equity   europe   FDIC   france   germany   government   hang seng   hong kong   index   insurance   investment   japan   london   market   merger   nikkei   nyse   online   oregon   otc   prices   profit   securities   small cap   t-bill   trade   web  

Companies: Citigroup, Inc. (C), Kayne Anderson MLP Investment Co (KYN), Pacholder High Yield Fund, Inc. (PHF), Wachovia Corp. (WB), Wells Fargo & Co. (WFC)

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Wells Fargo wins Federal Reserve approval to merge with Wachovia - Zibb.com

Wells Fargo & Company, a financial services company, has announced that the board of governors of the Federal Reserve has approved its application to merge with Wachovia Corporation including all its subsidiaries, and the share exchange agreement previously entered into between Wachovia and Wells Fargo.

Wells Fargo said that the approval is an important step forward in the transaction, which still requires the approval of Wachovia shareholders.

According to Wells Fargo, the merger is on schedule to be completed by the end of 2008.

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Tags: federal reserve   financial services   schedule  

Companies: Wachovia Corp. (WB), Wells Fargo & Co. (WFC)

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US judge says hearing on Wachovia possible Monday - Zibb.com

A U.S District Court Judge said there would be no hearing on Friday in the federal case over the rival bids of Citigroup and Wells Fargo & Co for Wachovia Corp after Citigroup dropped out of the deal on Thursday, according to court documents.

"I don't see any particular reason to attempt to hold a hearing in the course of the day before I understand what the facts are," Judge Lewis Kaplan of U.S. District Court in Manhattan said, according to a transcript of a telephone conference call with the parties. "Monday is a possibility."

Citigroup has said it would seek damages from Wachovia and Wells Fargo because it had an agreement with Wachovia before Wells Fargo stepped in with a higher offer last week.

A hearing in New York State Supreme Court was previously postponed to Tuesday from Friday in Citigroup's claim against the other two banks.

(Reporting by Grant McCool, editing by Gerald E. McCormick) Keywords: WACHOVIA/CITIGROUP COURT Grant McCool vj

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Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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Tags: conference   editing   new_york  

Companies: Wells Fargo & Co. (WFC)

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Wells Fargo & Company announces the merger with Wachovia to proceed as whole company transaction -

Wells Fargo & Company (NYSE: WFC), a diversified financial services company, declared yesterday (9 October) that it has stopped all discussions with Citigroup Inc (NYSE: C) and reaffirms that its merger with Wachovia Corporation (NYSE: WB) was proceeding as a whole company transaction. Discussions with Citi regarding a possible sale of certain banking assets of Wachovia Corporation were terminated. As a whole company transaction, all of Wachovia's banking and other operations would be merged and the company does not require financial assistance from the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An application to the Federal Reserve Board seeking fast approval of the merger and the share exchange agreement, signed between Wachovia and Wells Fargo earlier, has been submitted by Wells Fargo. Wachovia will issue Wells Fargo preferred stock, which will vote as one class with Wachovia's common stock, representing 39.9% of Wachovia's voting power, as per the share exchange agreement. Early termination from the Federal Trade Commission (FTC), under the Hart-Scott-Rodino Act has been received for the acquisition of the non-banking related operations of Wachovia and the share exchange agreement. As per the definitive agreement between the two companies reported earlier, Wells Fargo will acquire all outstanding shares of common stock of Wachovia in a stock-for-stock transaction, all of Wachovia Corporation and its businesses, obligations, its preferred equity, indebtedness and all its banking deposits. The combined company will have USD1.42tn in assets, USD787bn in deposits, 48m customers, USD258bn assets under management in mutual funds, 10,761 stores, 12,227 ATMs and 280,000 team members.

Comments on this story may be sent to admin@m2.com

Tags: acquisition   banking   equity   FDIC   financial services   government   insurance   merger   mutual funds   nyse   trade  

Companies: Citigroup, Inc. (C), Wachovia Corp. (WB), Wells Fargo & Co. (WFC)

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