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Wells Fargo and Prudential announce pricing for noncontrolling interest.

Global Banking News-31 December 2009-Wells Fargo and Prudential announce pricing for noncontrolling interest(C)2009 ENPublishing -

Global Banking News - 31 December 2009(c)2005 - Electronic News Publishing -

Wells Fargo & Company (NYSE: WFC) and Prudential Financial, Inc (NYSE: PRU) has announced that Wells Fargo will pay USD4.5bn in cash to purchase Prudential's noncontrolling interest in their retail brokerage joint venture, which includes Wells Fargo Advisors, Llc.

On December 4, 2008, Prudential had announced its intention to exercise an option to put its interest to Wells Fargo, and on June 17, 2009, Prudential advised Wells Fargo in writing of this plan. Wells Fargo will acquire Prudential's interest on or before December 31, 2009.

'We thank Prudential for being a strong partner as we built the third largest retail brokerage firm in the nation,' said Wells Fargo chief financial officer Howard Atkins. 'Wells Fargo Advisors enhances and complements our customer-focused mix of businesses by offering outstanding investment products and advice. Wells Fargo considered the cost of Prudential's put in the assumptions for the Wachovia merger and we are pleased to take this next step pursuant to the agreement between Wachovia and Prudential,' he added.

Wells Fargo was advised by Greenhill & Co, Llc and Prudential was advised by Barclays Capital, Inc (LSE: BARC) (NYSE: BCS).

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Publication:Global Banking News (GBN)
Date:Dec 31, 2009
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