UBS has agreed to buy Credit Suisse for more than $2bn with Swiss regulators set to change the country’s laws to push the deal through before markets open on Monday, according to the Financial Times.
The deal is set to be signed as soon as Sunday evening, the FT reported, and is priced at a fraction of Credit Suisse’s closing price of CHF1.86 on Friday.
Regulators have been trying to rush the deal through before markets open on Monday morning in an attempt to ease financial instability.
UBS would typically have to give shareholders six weeks to consult on the acquisition.
The UBS deal is a last ditch attempt to save Credit Suisse which has faced deposit outflows of over CHF10bn a day late last week, according to two people familiar with the matter.
The embattled lender has faced intense speculation about its future after it revealed it had “material weaknesses” in its financial reporting and its top shareholder ruled out further investment.
https://www.ft.com/content/ec4be743-052a-4381-a923-c2fbd7ea9cfd
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