CHARLOTTE, N.C. - Holders of 60% of Wachovia Corp.'s outstanding shares voted for their company's sale to First Union Corp., according to a final tally released by Wachovia Thursday.
The release of the tally showed just how much support Wachovia shareholders threw behind the deal at their Aug. 3 meeting, despite extraordinary efforts by SunTrust Banks Inc. of Atlanta to undo the merger. L.M. "Bud" Baker Jr., Wachovia's chairman and chief executive officer, had predicted a 3-to-1 margin for the deal.
First Union's proposed purchase of Wachovia got support from holders of 122 million of Wachovia's 203 million outstanding shares. The deal had needed 50% for approval. Both Wachovia of Winston-Salem, N.C., and First Union of Charlotte said they got broad support from both retail and institutional shareholders.
The deal is expected to close early next month.