John Stumpf

Wells Fargo To Acquire Wachovia 

Scrapping a federally-backed deal with Citigroup Inc. [stock C][/stock], Wachovia Corp. [stock WB][/stock] announced early Friday that it would instead accept an offer from Wells Fargo & Co. [stock WFC][/stock] for the entire company sans any government intervention. The deal is worth approximately $15.1 billion, and involves an offer of $7.00 per Wachovia common share — well above Thursday’s $3.91 closing price.