Wells Fargo CEO Calls Mega-merger Very Unlikely

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000237-wells-fargo-ceo-calls-mega-merger-very-un/

By Jonathan Stempel, Reuters

Wells Fargo & Co.’s chief executive on Tuesday said it is “very unlikely” the No. 5 U.S. bank will soon undertake a major merger, but that prices on some smaller potential acquisition targets have come down.

Dick Kovacevich, whose Norwest bank merged with Wells Fargo in 1998 and took the latter’s name, said big mergers make it difficult to expand existing businesses because management spends too much time integrating the merged companies.

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Wells Fargo CEO Calls Mega-merger Very Unlikely

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