The Big Gamble

Beller, Peter C.; Woolley, Scott
October 2008
Forbes Asia;10/27/2008, Vol. 4 Issue 18, p91
The article focuses on Richard Kovacevich, chairman of Wells Fargo & Co., and his second bid for Wachovia Corp. He had shied away from a deal when free-lending Wachovia racked up $812 billion in assets. He allowed Citigroup Inc. to purchase most of Wachovia's assets for $1 per share, but subsequently outbid Citigroup with a $7-a-share offer. The turnabout by Kovacevich allowed Wells to seize an army of depositors to sell a growing array of services. Well's shares have reportedly risen by 11%.


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