DATE: Oct. 9, 2008
TO: All Wachovia Colleagues
FROM: Robert K. Steel, CEO
RE: Wells Fargo/Wachovia Merger to Proceed
Earlier this evening, Wells Fargo and Wachovia issued a joint press release confirming that the definitive agreement first announced a week ago will proceed as planned--a whole-company transaction with Wachovia shareholders receiving 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock. A copy of the press release is posted on Pulse and on wachovia.com.
Beginning Sept. 29, Wachovia pursued the Citigroup transaction earnestly and in good faith. On Oct. 2, Wells Fargo made a new, unsolicited proposal that we have accepted and believe is the right choice for our shareholders, customers and employees. While we reiterate our great respect for Citigroup and its senior management and wish them well, we are now focused on the bright future of the combined Wells Fargo/Wachovia.
These have been unprecedented times in financial markets and for financial services institutions. In recent weeks, I've had the opportunity to work closely with many of you and in other cases to see the direct result of your work. The people of Wachovia have demonstrated firsthand that we always put the interests of our shareholders, customers and clients ahead of our own--even in the most difficult of times.
Thank you for your dedication.
Read the full press release on wachovia.com