Wachovia could announce infusion of up to $7B Monday, WSJ reports; earns moved to Monday
Written on April 15, 2008
CHARLOTTE, N.C. — Wachovia Corp. said Sunday that it would move up the release of its first-quarter financial results, an announcement that closely followed a report that it was about to get a multibillion-dollar cash infusion.
The bank, based in Charlotte, is the nation’s fourth-largest. It is struggling to digest its admittedly ill-timed purchase of mortgage lender Golden West Financial Corp.
Wachovia was to report before the market opened today.
The change was announced shortly after The Wall Street Journal reported that Wachovia, which bought St. Louis-based brokerage AG Edwards last year, was working on the final terms of a deal that would bring in between $6 billion and $7 billion of capital cash til payday loan faxless payday advances. In return, the investor group would get shares priced at roughly $23 to $24 apiece — about an 18 percent discount off Wachovia’s closing share price Friday of $27.81.
Wachovia’s shares have sunk 48 percent in the past year, dropping from a 52-week high of nearly $57.
The cash infusion would be Wachovia’s second of the year.
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