Wells Fargo raises $11 billion, but ...

SAN FRANCISCO, Nov. 7 (UPI) -- Wells Fargo & Co. issued 407.5 million new shares at discount prices, raising $11 billion in fresh capital to help finance the purchase of Wachovia Corp.

But the action could have had better timing, the Los Angeles Times reported Friday.

Wells Fargo's share prices fell 9.8 percent on Wednesday, the day the sale was announced. On Thursday, prices fell another 9.2 percent, the Times reported.

Underwriters had priced the shares at 6.2 percent below Thursday's closing price, the Times reported.

The 407.5 million in new stock issued could have been trimmed to 323 million, had the shares sold at a comfortable discount from Tuesday's price of $35.11 a share, the Times said.