Wells Fargo acquiring Wachovia for $15.1 billion

AP reports:

In an abrupt change of course, Wachovia said Friday it agreed to be acquired by San Francisco-based Wells Fargo & Co. in a $15.1 billion all-stock deal, trumping rival suitor Citigroup's plan to acquire Wachovia's banking operations.

Wells Fargo finally will have a presence in the south.