Wells Fargo Announces Intention to Purchase Prudential’s Noncontrolling Interest in Cash
SAN FRANCISCO — December 14, 2009
Wells Fargo & Company (NYSE: WFC) announced today that it will pay cash to purchase Prudential Financial, Inc.’s noncontrolling interest in the retail brokerage joint venture, which includes Wells Fargo Advisors, LLC (collectively, Wells Fargo Advisors).
Wells Fargo previously disclosed that it intended to use a combination of cash and common stock to purchase Prudential's noncontrolling interest. Today's announcement confirms that Wells Fargo will not issue any common stock as payment for Prudential's interest.
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.