Wells Fargo & Company (NYSE:WFC) issued the following statement today on
its definitive agreement with Wachovia Corporation (NYSE:WB):
"Wells Fargo and Wachovia have a firm, binding merger agreement. That
agreement represents a transaction that, in stark contrast to Citigroup’s
proposal, provides significant and certain value to Wachovia
shareholders, keeps Wachovia intact, is better for all of Wachovia’s
stakeholders including its employees and does not demand financial
support from our government. We are confident that we will complete our
announced merger with Wachovia. Nothing in the court’s
temporary order impacts our ability to ultimately do that."
Wells Fargo & Company is a diversified financial services company with
$609 billion in assets, providing banking, insurance, investments,
mortgage and consumer finance through almost 6,000 stores and the
internet (wellsfargo.com) across North America and elsewhere
internationally. Wells Fargo Bank, N.A. is the only bank in the U.S.,
and one of only two banks worldwide, to have the highest possible credit
rating from both Moody’s Investors Service, “Aaa,”
and Standard & Poor’s Ratings Services, “AAA.”
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements about Wells Fargo
and Wachovia and the proposed transaction between the companies. There
are several factors – many beyond Wells Fargo’s
control – that could cause actual results to
differ significantly from expectations described in the forward-looking
statements. Among these factors are the receipt of necessary regulatory
approvals and the approval of Wachovia shareholders. Forward-looking
statements speak only as of the date they are made, and we do not
undertake any obligation to update them to reflect changes that occur
after that date.
For a discussion of factors that may cause actual results to differ from
expectations, refer to each company’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, and
Annual Report on Form 10-K for the year ended December 31, 2007,
including information incorporated into each company’s
10-K from their respective 2007 annual reports, filed with the
Securities and Exchange Commission (SEC) and available on the SEC’s
website at www.sec.gov.
MORE INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT
The proposed merger will be submitted to Wachovia Corporation
shareholders for their consideration.
