Wachovia to get 7 Billion Dollar Investment
April 13, 2008 | 11:05 pm | by t-blender |Rate It:
yahoo news: CHARLOTTE, N.C. - Wachovia Corp. said Sunday it will move up the release of its first-quarter financial results, an announcement that closely followed a report that the nation’s fourth-largest bank is about to get a multibillion-dollar cash infusion.
The Charlotte-based bank, which is struggling to digest its admittedly ill-timed purchase of mortgage lender Golden West Financial Corp., will report before the market opens Monday. The bank had been set to report its results Friday.
The change was announced shortly after The Wall Street Journal reported Wachovia was working on the final terms of a deal that would bring in between $6 billion and $7 billion of capital. In return, the investor group would get shares priced at roughly $23 to $24 apiece — about an 18 percent discount to Wachovia’s closing share price Friday of $27.81.
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