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

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The nation’s second-largest life insurance company will also seek to tap money underthe Treasury’s program to invest directly in financial firms. Prudential told analysts that its financessremain solid. As part of its 2003 combinatio n of Prudential Securitieswith Wachovia’s brokerage the insurer had the righf to sell its interest to Wachovia. Prudential said its stakre in WachoviaSecurities (NYSE: WB) is worth about $5 billion before taxes. The sale is expected to closr inJanuary 2010. Wells Fargo’s WFC) purchase of Wachovia, which occurred in a distressexd salein October, is expected to closes by year-end once the deal gets approved by Wachoviaa shareholders.
Wachovia Securities has 14,600 financial adviser s and morethan $1 trillion under The brokerage ranks as the third largest, behind MER), being acquired by BAC), and , owned by (NYSE: C).