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That means Wells Fargo now owns about 40 percent of Wachovia’s shares, which in turn means that when the deal is finally put up for a vote, a little more than 10 percent of shareholders need to vote in favor.

A Wachovia spokesperson says the bank believes its actions in using the preferred stock with Wells Fargo were proper and valid.

Some analysts say the merger might not be finalized until some time next year.