MutualFundWire.com: Fed Blesses the Wachovia-Wells Union

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Monday, October 13, 2008

Fed Blesses the Wachovia-Wells Union

The Federal Reserve on Sunday greenlighted Wells Fargo's $11.7 billion purchase of Wachovia Corp., including asset manager Evergreen Investments. Antitrust regulators approved the deal on Friday.

Wells Fargo hopes to close the transaction, which is subject to shareholder approval, by yearend.

Below is the statement issued by the Fed on Sunday:

Federal Reserve Press Release

The Federal Reserve Board on Sunday announced its approval of the application and notice under sections 3 and 4 of the Bank Holding Company Act by Wells Fargo & Company, San Francisco, California, to acquire Wachovia Corporation and its subsidiary banks, Wachovia Bank, National Association, both of Charlotte, North Carolina, and Wachovia Bank Delaware, National Association, Wilmington, Delaware, and the nonbanking subsidiaries of Wachovia Corporation.