Actionable news
0
All posts from Actionable news
Actionable news in WFC: WELLS FARGO & CO.,

Exclusive: GE nears deal to sell over $30 billion of loans to Wells Fargo - source

.

View photo

The logo of General Electric is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier

(Reuters) - General Electric Co (GE.N) is in advanced talks to sell a specialty finance portfolio, worth more than $30 billion, to Wells Fargo & Co (WFC.N), according to a person familiar with the matter, as the industrial conglomerate returns to its roots.

Wells Fargo has so far outbid other parties for General Electric's vendor financing, commercial distribution finance and direct lending assets, the person with direct knowledge of the situation said on Friday.

A deal could be announced by the time Wells Fargo publishes its third-quarter earnings on Wednesday, the person added, cautioning that the negotiations were ongoing and could still fall apart.

The source asked not to be...


More