Skip to: Content
Skip to: Site Navigation
Skip to: Search

August 20, 2008 5:03:11 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Wachovia Nabs A.G. Edwards

Posted May 31, 07 12:58 PM CDT in US,  Business 

(Newser) – Wachovia will buy A.G. Edwards for $6.8 billion, forming the nation's number two retail brokerage. Wachovia's $89.50 per share offer for the historic Midwest brokerage—it survived the crash of '29—helps the bank further expand its growing securities arm. The combined company will manage over $1 trillion, second to Merrill Lynch and ahead of Smith Barney.

Wachovia has been on an acquisition binge, buying First Union, Prudential Securities, and Golden West Financial in an attempt to grab small investors, especially the boomers looking to stash their retirement nest eggs. But investors aren't so sure it's the right deal at the right time: Shares of the bank fell on the news.

Source SmartMoney.com

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Yahoo Planned Huge Worker Walkout: Lawsuit

    Jun 2, 08 9:10 PM CDT
    Yahoo Planned Huge Worker Walkout: Lawsuit Yahoo planned to pay all 14,000 workers to quit if Microsoft bought the company in a recent takeover bid, a lawsuit unsealed today claims. The shareholder complaint blasts execs for burying Microsoft's $1.5 billion offer to workers, and rejecting a $40-per-share offer last year. Yahoo tried to stop the unsealing, which revealed internal talks and private emails, Portfolio reports. More »

  • Microsoft Aims for Yahoo's Search Ad Biz

    May 19, 08 9:09 PM CDT
    Microsoft Aims for Yahoo's Search Ad Biz Microsoft's new offer to Yahoo includes breaking up the company and buying its search-advertising business, notions that have left Yahoo execs cold, the Wall Street Journal reports. Under the plan, Yahoo would sell its Asian assets and let Microsoft buy a minority stake in what's left of the company. More »

  • Top Banks Borrow $2B From Fed

    Aug 23, 07 5:12 AM CDT
    Top Banks Borrow $2B From Fed America's biggest banks—Citigroup, Bank of America, J.P.Morgan Chase and Wachovia— have borrowed a total of $2 billion from the Federal Reserve at the government's so-called discount window. It's an attempt to shore up the faltering credit markets by encouraging smaller banks to borrow from the Fed without stigma, the Wall Street Journal reports. More »

  • HSBC Shops for Controlling Stake in KEB

    Aug 20, 07 3:29 PM CDT
    HSBC Shops for Controlling Stake in KEB HSBC is in talks to buy a controlling stake in Korea Exchange Bank from the U.S. private equity group Lone Star. A local newspaper has reported that the deal would be worth $4.5 billion. HSBC wants to strengthen its presence in the Korean economy, and Lone Star has been looking to unload its share for years. More »

  • CEO Passes Reins at Wells Fargo

    Jun 28, 07 6:01 AM CDT
    CEO Passes Reins at Wells Fargo Dick Kovacevich, the CEO of Wells Fargo, stepped down yesterday after an enviable run at the helm of the country's fifth-largest bank. His successor will be COO John Stumpf. At a time when most financial institutions are seeking global acquisitions, the San Francisco-based bank has outperformed larger rivals while shunning overseas expansion. More »

Wachovia's corporate headquarters in Charlotte, N.C., is shown Tuesday, July 19, 2005. Wachovia, the nation's fourth-largest bank, said Thursday, May 31, 2007, it would acquire A.G. Edwards for $6.8 billion...   (Associated Press)
Cars drive past the Wachovia bank building in Baltimore in this Tuesday Jan. 23, 2007 file photo. Wachovia Bank said Thursday that it was considering a U.S. government request to help transfer $25 million...   (Associated Press)
Wachovia Bank   ((c) Maulleigh)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 2)

Tags

acquisitions  • merger  • bank  • investors  • Wachovia


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Home Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »