UBS: merger agreement with Credit Suisse

(CercleFinance.com) - Credit Suisse and UBS announced on Sunday that they had reached a merger agreement following the intervention of the Swiss 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 three billion Swiss francs for all Credit Suisse shares.

In accordance with the Swiss Federal Council's emergency ordinance, the merger can be completed without shareholder approval. The transaction's completion, which is expected to take place by the end of 2023, is subject to the usual closing conditions.

Until its 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.