May 28, 2003 |
Edgar Bronfman Jr. has lined up about a $9-billion commitment from a group headed by Wachovia Corp. to help finance a possible bid for the U.S. entertainment assets his family formerly owned, a source familiar with the deal said. Merrill Lynch & Co. also has agreed to help finance debt as Bronfman attempts to buy back much of the entertainment assets his family's Seagram Co. sold to Vivendi Universal in 2000 for $34 billion, sources said.
February 20, 2003 |
Wachovia Corp., as expected, agreed to acquire Prudential Financial Inc.'s brokerage for individual investors to create the third-biggest U.S. broker by assets. Wachovia said it would cut 1,750 jobs and close 131 offices by 2005 as it combines its retail brokerage and clearing businesses with Prudential's. No cash would exchange hands in the deal creating the new firm, Wachovia Securities, which would have $537 billion in assets and be based in Richmond, Va.
February 19, 2003 |
Wachovia Corp., the fourth-largest U.S. bank, agreed to acquire Prudential Financial Inc.'s retail brokerage business to almost double its roster of stockbrokers, people familiar with the negotiations said. The transaction would bring about 5,000 brokers and $1.7 billion of capital to Charlotte, N.C.-based Wachovia, which has about 8,500 brokers. Prudential would have a minority stake in the new business. Prudential Securities Inc. has lost almost $300 million during the last two years.
October 21, 2002 |
Prudential Financial Inc. and Wachovia Corp. are discussing ways to combine their brokerage units and create one of the world's largest independent stock research and advisory operations, sources familiar with the situation said Sunday. The talks, which are in their preliminary stages, would combine the two brokerage operations under a joint venture boasting more than 13,500 brokers, sources said.
August 14, 2001 |
The Federal Reserve said it cleared First Union Corp. to buy North Carolina rival Wachovia Corp., removing the last major hurdle to the bitterly contested $14.6-billion bank merger. Wachovia's shareholders approved First Union's proposal earlier this month, ending a spirited battle over the Southeast regional bank with rival suitor SunTrust Banks Inc . The deal will create the No. 4 U.S. bank with 19 million customers, $321 billion in assets and 90,000 employees.
August 4, 2001 |
Months of fighting about ownership of Wachovia Corp. ended abruptly Friday as its shareholders approved a $14.3-billion merger with First Union Corp., causing rival SunTrust Banks Inc. to concede defeat. Just as swiftly, the focus of First Union Chairman Ken Thompson and Wachovia Chairman L.M. "Bud" Baker Jr. now has shifted from simply clearing the way for the merger to figuring out what will happen down the road. The new bank--which will retain the Wachovia name and be based in Charlotte, N.C.
August 1, 2001 |
First Union Corp. shareholders approved a proposed $14.4-billion stock acquisition of Wachovia Corp., the latest chapter in a hotly contested takeover battle with SunTrust Banks Inc. for the Southeastern U.S. bank. Wachovia shareholders Friday are set to vote on the First Union merger, which the board of the Winston-Salem, N.C., company has backed. At its annual meeting, First Union said stockholders cast about 730.2 million shares--nearly 75% of the 979.
July 21, 2001 |
A North Carolina state judge upheld First Union Corp.'s agreement to buy Wachovia Corp. for $14.5 billion, rejecting a challenge by rival bidder SunTrust Banks Inc. The ruling by Special Superior Court Judge Ben Tennille cleared the path for a shareholder vote Aug. 3 on the agreement between the two North Carolina-based banks. After the boards of First Union and Wachovia approved merger plans in April, Atlanta-based SunTrust launched its own $15.
May 23, 2001 |
Wachovia Corp.'s board of directors voted to reject a "hostile" $13.7-billion acquisition proposal from SunTrust Banks Inc., reaffirming previous plans to merge with First Union Corp. "We looked long and hard, and on multiple occasions, at a combination with SunTrust and concluded it would not work," Wachovia Chairman L.M. Baker said. Shares of Winston-Salem, N.C.-based Wachovia rose 55 cents to $65.70; Atlanta-based SunTrust climbed 80 cents to $61.84; and First Union, of Charlotte, N.C.
May 16, 2001 |
First Union Corp. defended its $12.6-billion takeover offer for Wachovia Corp. as superior to a surprise $13.5-billion bid from rival suitor SunTrust Banks Inc., but it did not try to trump the higher offer. The Charlotte, N.C.-based company said its offer is not much lower than that of Atlanta-based SunTrust and would result in greater earnings, capital and savings.