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August 31, 2006
Wachovia, Golden West shareholders OK merger
The shareholders have spoken:
Wachovia Corp. and Golden West Financial Corp. easily won shareholder approval on Thursday for their merger, which would combine the fourth-largest U.S. bank with the No. 2 U.S. savings and loan.
The acquisition of Oakland, California-based Golden West would give Wachovia its first significant branch presence on the U.S. West Coast, and significantly expand its mortgage operations. Wachovia is based in Charlotte, North Carolina.
Regulators still must approve the deal.
At separate shareholder meetings, about 93 percent of Wachovia shares cast and 99 percent of Golden West shares cast voted in favor of the merger, representatives for the companies said.
The companies valued the merger at $25.5 billion when they announced it in May and expect it to close in the fourth quarter. Golden West shareholders would receive 1.051 Wachovia shares and $18.65 in cash for each of their shares.
Posted by edelfenbein at August 31, 2006 4:25 PM
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