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Wells Fargo & Company (WFC) to Purchase Wachovia Corp.

Tensions flared this Friday morning between Wells Fargo and Citigroup over the purchase of Wachovia Corp. In a surprise move, Wachovia agreed to be acquired by Wells Fargo in a $15.1 billion all-stock deal. Citigroup demanded that the deal be called off, insisting that negotiations with other entities was prohibited as part of the agreement it had reached with Wachovia on Monday. Under the Wells Fargo deal, Wachovia shareholders would receive the equivalent of 0.1991 shares of Wells Fargo stock for every share of Wachovia stock they own – that’s about seven dollars per share.

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