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The acquisition by Wells Fargo & Company of Wachovia Corp., which secured Federal Reserve approval last week, puts the company on track to be the fourth-largest insurance broker in the United States, one consultant noted.

The deal–worth more than $15 billion at the time of its announcement, when Wells Fargo was trading at $35.16 a share on Oct. 2–would not only merge the pair’s banking businesses but also bring together their substantial insurance brokerage operations.

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