Wachovia says it will acquire A.G. Edwards for nearly seven billion dollars in cash and stock.
The move by the Charlotte bank would form the nation's second largest retail stock brokerage.
Wachovia chairman and chief executive Ken Thompson says the nation's fourth-largest bank considers A.G. Edwards to be the premier brokerage company in the U-S.
The combined Wachovia Securities will be based in St. Louis and have more than 33-hundred brokerage locations nationwide, more than one trillion dollars in client assets and nearly 15-hundred financial advisers.
Wachovia says A.G. Edwards shareholders would get nearly one Wachovia share and 35-dollars-80 cents in cash for each A.G. Edwards share held.
The deal is expected to close late this year.
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