Wells Fargo to buy Wachovia

SAN FRANCISCO, California (CNN) - Wells Fargo announced Friday it will
acquire Wachovia for $7 a share, a deal with a total value of $15.1 billion.

Wells Fargo and Wachovia said they brokered the deal with no assistance
from the Federal Deposit Insurance Corporation (FDIC).

Citigroup had previously said that it intended to buy Wachovia, a deal
brokered by the Federal government, before Wells Fargo came forward with a
higher bid.