Wachovia to close Wells Fargo deal without shareholders' OK (at MarketWatch)

SAN FRANCISCO (MarketWatch) -- Wachovia Corp. will issue preferred shares as part of its merger agreement with Wells Fargo & Co. without the usual shareholders' approval in a bid to proceed with the merger as soon as possible, the bank said Friday. Wachovia's Audit Committee has decided that the delay to seek approval could seriously jeopardize Wachovia's financial viability. "In reaching this conclusion,... [read full story]