Wells Fargo completes acquisition of Wachovia

By Lisa Kerner

Charlotte, N.C., Jan. 2 - Wells Fargo & Co. acquired Wachovia Corp. on Wednesday in a stock-for-stock transaction valued at a reported $12.7 billion.

Wachovia shareholders received 0.1991 shares of Wells Fargo common stock for each share of Wachovia common stock held, according to Wells Fargo.

San-Francisco-based Wells Fargo said previously that the combined company's East Coast retail and commercial and corporate banking business will be based in Charlotte, N.C., where Wachovia is currently based. Wachovia Securities is based in St. Louis.

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