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Wells Fargo stock offering raises $12.6 billion

Wells Fargo & Co. said Monday underwriters in its public offering of 407.5 million common shares have exercised their option to buy an additional 61 million shares, resulting in a total offering of 468.5 million shares for $12.6 billion.
/ Source: The Associated Press

Wells Fargo & Co. said Monday underwriters in its public offering of 407.5 million common shares have exercised their option to buy an additional 61 million shares, resulting in a total offering of 468.5 million shares for $12.6 billion.

Proceeds from the offering are designed to help the bank offset the costs of acquiring Wachovia Corp.

"The enthusiastic response to this offering in a very difficult market demonstrates broad investor confidence in Wells Fargo's long-term growth potential and our time-tested vision and diversified business model," said Howard Atkins, the company's chief financial officer.

The offering is expected to be complete and proceeds received Nov. 13. The original offering was announced Nov. 5 and priced at $27 a share the following day.

J.P. Morgan Securities Inc. coordinated the offering.

Atkins said the acquisition of Charlotte, N.C.-based Wachovia, which has been valued at $12.7 billion in stock, is expected to be completed next month.

The combined company will have 280,000 employees and 48 million customers, he said.