Wachovia raises $8 billion
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From Times Wire Services
Wachovia Corp. said Thursday that it raised $8.05 billion in an offering of common and preferred stock, exceeding its original plan of raising $7 billion.
The Charlotte, N.C., bank, the nation’s fourth-largest, announced the stock sale Monday, the same day it reported a first-quarter loss of $393 million and a 41% cut in its dividend.
Wachovia shares rose 44 cents to $25.85.
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