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Sunday, April 13, 2008

Wachovia to Receive $6 to $7 Billion Infusion

by Calculated Risk on 4/13/2008 10:06:00 PM

From the WSJ: Wachovia to Receive Big Infusion of Capital

Wachovia Corp. ... could announce as soon as Monday that it is getting a capital infusion of several billion dollars from outside investors ...

Final terms of the deal were being hammered out Sunday night, but it appeared likely the fifth-largest U.S. bank in stock-market value would receive $6 billion to $7 billion. In return, the investor group would get shares priced roughly $23 to $24 apiece -- a 15% discount to Wachovia's share price Friday.

... Wachovia said in a news release Sunday night that it plans to announce quarterly results Monday morning.
This probably means a large write down will be announced tomorrow morning. Must be tough working on a Sunday ...