UBS: sanctioned for merger with Credit Suisse
(CercleFinance.com) - UBS shares are down 11% in Zurich today, punished for announcing its merger agreement with Credit Suisse following the intervention of the Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority (FINMA).
Under the agreed terms, all Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares, an exchange ratio that reflects a merger consideration of 3 billion Swiss francs for all Credit Suisse shares.
In accordance with the Swiss Federal Council's emergency ordinance, the merger may be completed without shareholder approval. The completion of the transaction, which is expected to take place, if possible, by the end of 2023, remains subject to usual closing conditions.
Until the merger with UBS is completed, Credit Suisse will continue its normal business operations and restructuring measures. The Swiss National Bank will provide Credit Suisse with access to facilities that provide substantial additional liquidity.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
Under the agreed terms, all Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares, an exchange ratio that reflects a merger consideration of 3 billion Swiss francs for all Credit Suisse shares.
In accordance with the Swiss Federal Council's emergency ordinance, the merger may be completed without shareholder approval. The completion of the transaction, which is expected to take place, if possible, by the end of 2023, remains subject to usual closing conditions.
Until the merger with UBS is completed, Credit Suisse will continue its normal business operations and restructuring measures. The Swiss National Bank will provide Credit Suisse with access to facilities that provide substantial additional liquidity.
Copyright (c) 2023 CercleFinance.com. All rights reserved.