A.G. Edwards approves Wachovia takeover
The new brokerage, to be called Wachovia Securities LLC, will be based in St. Louis.
Shareholders at A.G. Edwards Inc. today approved Wachovia Corp.’s takeover of the company.
The new brokerage, which will be called Wachovia Securities LLC, will be based in St. Louis.
A.G. Edwards, also based in St. Louis, expects the merger to close on Oct. 1.
Wachovia Securities will have $1.1 trillion in client assets and nearly 15,000 financial advisers.
Daniel J. Ludeman, president and CEO of Wachovia Securities, will maintain those responsibilities with the new brokerage firm. Robert L. Bagby, chairman and CEO of A.G. Edwards, will serve as its chairman.
In May, Wachovia of Charlotte, N.C. agreed to purchase A.G. Edwards for $6.8 billion in cash and stock.
Learn more about reprints and licensing for this article.
