Wells Fargo In $11 Billion Stock Offering
Source: http://feeds.feedburner.com/~r/StocksOptionsBlog/~3/445084030/Posted on Friday, November 7th, 2008 | In Stocks to Watch
Thursday November 6, 2008
Navivest
Shares of Wells Fargo & Company (WFC) are falling in after hours trading, after the bank announced that it priced an $11 billion offering at $27 per share. That equates to 407.5 million shares of WFC common stock.
Wells Fargo (WFC) is raising the funds to shore up its capital base, as well as to help it complete its October 3rd announced acquisition of Wachovia, which it is buying for $12.4 billion.
When that deal is completed, Wells Fargo (WFC) will become the fourth largest U.S. bank, with 6,653 branches and $1.4 trillion in assets.
The $27 pricing was a 6.2% discount to Wells Fargo’s (WFC) 11/05/08 closing price of $28.77.
Wells Fargo (WFC) shares are off $1.55 down to $27.22, a 5.39% fall in after hours trading, after shedding $2.91 or 9.19% in regular trading.
Tags: Wells Fargo
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 About Daniel Shepard (http://www.navivest.com/blog)
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