Money world

Wachovia Corp. says securing shareholder approval of its pending acquisition by Wells Fargo & Co. “would seriously jeopardize the financial viability of Wachovia.â€

The audit committee of the company’s board, citing an exception in the New York Stock Exchange’s policy for such a situation, has approved Wachovia’s decision not to seek shareholder approval for the deal. And the NYSE has accepted Wachovia’s application of the exception.

Charlotte, N.C.-based Wachovia (NYSE:WB) says it will mail a letter to all shareholders notifying them of its intention.

Wells Fargo (NYSE:WB) is based in San Francisco.

Wachovia has no retail banking operations in the Albany, N.Y., area, but Wachovia Securities has about 70 brokers, and 110 total employees, in offices in Albany, Colonie, Latham, Saratoga Springs and Johnstown.

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