Judge OKs First Union’s Pact to Buy Wachovia
A North Carolina state judge upheld First Union Corp.’s agreement to buy Wachovia Corp. for $14.5 billion, rejecting a challenge by rival bidder SunTrust Banks Inc.
The ruling by Special Superior Court Judge Ben Tennille cleared the path for a shareholder vote Aug. 3 on the agreement between the two North Carolina-based banks.
After the boards of First Union and Wachovia approved merger plans in April, Atlanta-based SunTrust launched its own $15.4-billion offer in a move to enter North Carolina and South Carolina and boost its share of the Virginia, Georgia and Florida markets.
In New York Stock Exchange trading, Wachovia rose 4 cents to close at $70.04, First Union rose 9 cents to $35 and SunTrust rose 51 cents to $68.50.
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