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In a move that will create the No.2 broker in the US, bank giant Wachovia (WB) will buy A.G.Edwards (AGE) for $6.8 billion, a 16% premium over where the stock has traded recently.
The new operation will have about 15,000 brokers. The companies believe that they can create annual savings of about $400 million. Which means that someone may lose his job
Douglas A. McInyre
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