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(This) will also allow us to sell considerably more bank products"
May 31 '07 -Business- today.reuters.com -wachovia,financial,percent
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In morning trading, A.G.Edwards shares rose $10.62, or 13.8 percent, to $87.77
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Louis-based A.G.Edwards is the largest independent United States brokerage, with 6,618 brokers and $374 billion of client assets
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A.G.Edwards will pay Wachovia $270 million if the deal falls apart
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Goldman Sachs & Co.and the law firm Wachtell, Lipton, Rosen & Katz represented A.G.Edwards.(Additional reporting by Michael Flaherty and Tim McLaughlin)
May 31 '07 -Business- today.reuters.com -wachovia,expects,agedwards
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Wachovia Securities Chief Executive Daniel Ludeman will retain his title, while A.G.Edwards Chairman and Chief Executive Robert Bagby will be chairman of the combined brokerage
May 31 '07 -Business- today.reuters.com -wachovia,expects,agedwards
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Credit Suisse, Wachovia's investment bank and the law firm Simpson Thacher & Bartlett LLP represented Wachovia
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The combined brokerage, to be known as Wachovia Securities, would have 14,784 brokers, propelling it past Citigroup Inc.(C.N: Quote, Profile , Research) and ranking just behind Merrill Lynch & Co.(MER.N: Quote, Profile , Research)
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We've got everything we need right now to grow this business organically"
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"We will get more mandates on the investment banking side simply because of the greatly expanded retail distribution we will have
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"It's a good deal for Wachovia," said Mark Batty, an analyst at PNC Wealth Management in Philadelphia, which invests $74 billion
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Its $1.15 trillion of client assets would trail only Merrill and Citigroup
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Wachovia Securities has 8,166 brokers and $773 billion of client assets
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It expects $860 million of charges and $395 million of annual cost savings from the deal
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"Wachovia is also acquiring the advantage of more scale"
May 31 '07 -Business- today.reuters.com -wachovia,brokerage,assets
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Charlotte, North Carolina-based Wachovia, the No.4 United States bank, said the acquisition will expand its brokerage operations in 48 of the 50 largest United States metropolitan areas
May 31 '07 -Business- today.reuters.com -wachovia,brokerage,assets
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The purchase "allows us to leverage our investment banking, underwriting and origination capability," Wachovia Chief Executive Ken Thompson said on a conference call
May 31 '07 -Business- today.reuters.com -wachovia,financial,percent
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The deal comes eight months after Wachovia bought Oakland, California, thrift Golden West Financial Corp.for $24.2 billion, significantly expanding its mortgage operations
May 31 '07 -Business- today.reuters.com -wachovia,financial,percent
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Reuters Pictures Editors Choice: Best pictures from the last 24 hours
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View Slideshow Shares of Raymond James Financial Inc.(RJF.N: Quote, Profile , Research), the largest remaining independent brokerage, rose as much as 9.5 percent
May 31 '07 -Business- today.reuters.com -wachovia,financial,percent
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Thin ice under O'Neal CNBC reported Friday that O'Neal told friends he will probably be out of a job this weekend
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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View Slideshow "Brokerages are demographically attractive with the anticipated graying of baby boomers and increase in retirement assets," said Joseph Dickerson, an analyst at Atlantic Equities in London
May 31 '07 -Business- today.reuters.com -wachovia,brokerage,assets
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ADDING SCALE Prudential Financial Inc.(PRU.N: Quote, Profile , Research), which has a 38 percent stake in Wachovia Securities, said it supports the acquisition
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Through Wednesday, A.G.Edwards shares had already risen 22 percent this year
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The combined brokerage would be based in St.Louis.Wachovia Securities is now based in Richmond, Virginia.
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Both BlackRock and the NYSE declined to comment
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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Shareholders would receive 0.9844 of a Wachovia share and $35.80 in cash for each of their shares
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O'Neal, 56, lost the confidence of investors earlier this week after Merrill posted a $2.24 billion quarterly loss, the biggest in its history and six times the amount the firm had forecast just three weeks earlier
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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NEW YORK, May 31 (Reuters) - Wachovia Corp.(WB.N: Quote, Profile , Research) on Thursday said it will buy A.G.Edwards Inc.(AGE.N: Quote, Profile , Research) for $6.8 billion in cash and stock, creating the second-largest United States retail brokerage
May 31 '07 -Business- today.reuters.com -wachovia,brokerage,assets
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The terms value A.G.Edwards at $89.50 per share, a 16 percent premium over the stock's closing price on Wednesday and about 21.5 times expected 2007 earnings
May 31 '07 -Business- today.reuters.com -wachovia,brokerage,assets
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Merrill and Charlotte-based Wachovia declined to comment
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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Wachovia Securities expects to command a 14 percent market share, operate 3,350 offices and employ 31,000 people
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Wachovia shares rose Friday $1.45, or 3.2 percent, to $46.54
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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Stan O'Neal was already under fire this week after the New York investment bank reported its first loss since 2001 after writing down $7.9 billion of bad mortgage-related debt
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Merrill shares rose $5.19, or 8.5 percent, the most in five years, to close Friday at $66.09
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In the past two years, he has forged acquisitions of mortgage specialist Golden West Financial Corp.and brokerage A.G.Edwards Inc.The Golden West deal gave the bank new turf in fast-growing West Coast markets but also fueled investor worries about its exposure to the struggling mortgage industry, driving down the bank's stock
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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"Our head is down, and we are focused on managing our business." In particular, he has expressed concerns about buying an investment bank because of the potential culture clashes
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Thompson, CEO since 2000, has built Wachovia through a series of big deals
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Punk Ziegel & Co.analyst Dick Bove said in a research report that speculators are "gorging themselves" on investment banking stocks, assuming other companies will take notice of how cheap the shares are and buy the banks out
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"We've found a perfect partner," Bagby said on the call
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"We knew we needed scale, we knew we needed additional products (amid) a demand from our clients to have one-stop financial services
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Thompson also acknowledged potential challenges with the deal, the newspaper said
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Wachovia "cannot buy Merrill without destroying Wachovia as it is presently run," Bove wrote
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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View Slideshow It expects to close up to 230 offices and cut several hundred jobs for brokers with lesser training
May 31 '07 -Business- today.reuters.com -wachovia,expects,agedwards
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Merrill Lynch & Co.shares surged Friday on a report that the company's chief executive approached Wachovia Corp.about a possible merger without his board's permission, raising speculation he'll soon be ousted
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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But he's also been known to turn some down, including an acquisition of credit card issuer MBNA Corp.in 2005
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Among the potential replacements suggested for O'Neal are BlackRock Inc.chief executive Larry Fink and NYSE Euronext CEO John Thain
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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The New York Times, citing sources familiar with the board's proceedings, reported Friday that O'Neal last week floated the idea of a merger with Wachovia CEO Ken Thompson, who expressed interest in talking further
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank
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Thompson, however, is known to have a close relationship with Gregory Fleming, Merrill's co-president
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That spurred 200 job cuts that began this week
Oct 28 '07 -Business- www.charlotte.com -merrill,wachovia,bank

 
 
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