Wells Fargo & Company Authorizes Buyback of 50 Million Common Shares
Board of Directors today authorized the Company to acquire, from time to time, an additional 50 million shares of the Company’s common stock. The Company may use shares acquired under this authorization to issue common stock for benefit plans, conversion of convertible securities, other corporate purposes, and to cover a similar amount of shares to be issued to complete Wells Fargo’s acquisition of Greater Bay Bancorp, expected by the end of this year. Wells Fargo and Greater Bay signed a definitive agreement May 4th for Wells Fargo to acquire Greater Bay, based in East Palo Alto, Calif., in a stock-for-stock merger. Wells Fargo has approximately 3.4 billion shares outstanding.
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