BANKING & FINANCE - Nov. 28, 1995

Wells Fargo Files for Stock Offer: Pursuing its hostile takeover bid for First Interstate Bancorp, Wells Fargo & Co. filed documents with the Securities and Exchange Commission formally outlining its offer to exchange 0.67 share of its stock for each share of First Interstate. The filing also responds to some statements that First Interstate made last week in an SEC filing of its own. Wells noted that in enumerating its objections to the Wells bid and explaining its preference for the friendly offer from First Bank System Inc. of Minneapolis, First Interstate never mentioned the difference in the two banks’ implied purchase price. At the close of trading, the Wells offer was valued at $142.25 per First Interstate share, and the First Bank offer, $135.85.