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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: JohnG	4/13/2008 9:58:50 PM
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Wachovia to get $8bn capital infusionFont Size: Decrease Increase Print Page: Print The Wall Street Journal \| April 14, 2008 WACHOVIA Corp, the fifth-largest US bank in stock-market value, is today expected to announce that it will get a capital infusion of several billion dollars from external investors. The bank barrelled into adjustable-rate mortgages with a huge acquisition of Golden West Financial Corp about the time of the housing-market peak. Final terms of the deal were being hammered out yesterday. Wachovia is expected to get $US6 billion to $US7 billion (up to $7.6 billion) from selling its shares to the investors for roughly $US23-24 apiece, according to people familiar with the matter. That price represents a discount of more than 15 per cent to Wachovia's share price on Friday. Wachovia, led by chairman and chief executive G. Kennedy Thompson, is structuring its capital infusion in a similar fashion to that employed by Washington Mutual last week, when it raised roughly $US7 billion from buyout firm TPG.

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