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BUSINESS BRIEFING / BANKING

Wells Fargo plans stock sale to finance Wachovia buyout

November 06, 2008|times wire services

Wells Fargo says it will sell $10 billion worth of common stock in a public offering.

The San Francisco bank has said it plans to raise $20 billion to finance its acquisition of Charlotte, N.C.-based Wachovia Corp., which was on the brink of failure before the deal was struck.

JPMorgan Securities Inc. will coordinate the offering with joint book-running managers Goldman, Sachs & Co., Morgan Stanley, UBS and Wachovia Securities.

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