Wells Fargo prices stock offering at $7.5 billion

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by Associated Press

NWCN.com

Posted on August 15, 2009 at 1:33 PM

Updated Thursday, Sep 24 at 12:36 PM

SAN FRANCISCO - Wells Fargo says it is raising $7.5 billion through an offering of 341 million shares at $22 apiece, boosting the amount it previously said it would raise by $1.5 billion.

The announcement comes a day after the U.S. government said the San Francisco bank needs to raise $13.7 billion to cushion it from another potential fall in the economy.

The offering is larger than expected. Wells Fargo & Co. said Thursday it would raise only $6 billion with the public offering.

The price represents an 11 percent discount from the bank's closing share price of $24.76 on Thursday.

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