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Wachovia sale expected to pass

The Associated Press

Published: Tue, Dec. 23, 2008 12:30AM

Modified Tue, Dec. 23, 2008 05:46AM

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When Wachovia shareholders gather in uptown Charlotte today, they're expected to approve the bank's sale to Wells Fargo & Co.

Despite initial outrage at the low price -- about $6 a share -- investors have mostly given up much hope of finding a better deal. Some have simply sold their Wachovia shares for a loss, figuring they'll get a tax break if nothing else. The deal is significant not only because Wachovia is the state's biggest bank by deposits, but also because of its history in North Carolina and its wide pool of investors across the state.

The deal also is expected to bring layoffs, especially at the company's Charlotte headquarters.