FT: UBS acquires Credit Suisse for $2 billion
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UBS management agreed to acquire Credit Suisse for $2 billion, writes Financial Times with reference to sources with direct access to the negotiation process. At the same time, the Swiss authorities, as expected, intend to introduce legislation that will bypass the usual six-week consultation period required by UBS shareholders to approve the transaction so that it can be closed as quickly as possible.
It was previously reported that UBS during negotiations today put forward Credit Suisse’s own terms of purchase. The bank was ready to purchase all the shares of a competitor for 0.25 Swiss francs each, and the total value of the transaction would be about $1 billion. At the same time, this amount would be paid to the holders of securities not in cash, but in the form of UBS shares. However, this price did not suit the shareholders of Credit Suisse, and after additional negotiations, UBS, under pressure from the Swiss authorities, agreed to acquire CS for $ 2 billion. Under the new conditions, UBS will pay 0.50 Swiss francs for each share of Credit Suisse, which is still well below the level of their quotations. at the close of trading on Friday.
The deal could be officially announced today.
Read more about the possible purchase of Credit Suisse – in the material “Kommersant” “According to the Zurich account”.
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