Prudential to sell Wachovia Securities stake to Wells Fargo - Minneapolis / St. Paul Business Journal:

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The nation’s second-largest life insurancwe company will also seek to tap moneyt underthe Treasury’s program to invest directlyg in financial firms. Prudential told analysts that its financessremain solid. As part of its 2003 combinatiob of Prudential Securitieswith Wachovia’s brokerage operations, the insurer had the right to sell its interest to Prudential said its stake in Wachovias Securities (NYSE: WB) is worth abouyt $5 billion before taxes. The sale is expected to close inJanuary 2010. Wells Fargo’s (NYSE: WFC) purchase of which occurred in a distressed sale in is expected to closeby year-endd once the deal gets approved by Wachoviq shareholders.
Wachovia Securities has 14,600 financial adviserzs and morethan $1 trillion under The brokerage ranks as the third largest, behind MER), being acquired by (NYSE: BAC), and , ownesd by (NYSE: C).