Financial Times newspaper informedthat the financial holding UBS Group AG offered to buy Credit Suisse for up to $1 billion. The Swiss government plans to change the law to bypass the shareholders’ vote on the deal.
The deal to sell all shares of Credit Suisse should be signed on the evening of March 19, the newspaper said. Deal scheme: UBS Group AG will buy all shares of Credit Suisse with UBS securities, one share of Credit Suisse is valued at 0.25 Swiss francs ($0.27). Trading in Credit Suisse shares on Friday, March 17, closed at 1.86 francs.
The Swiss Central Bank insists that the deal be closed before the start of trading on Monday, March 20. The merger of UBS and Credit Suisse will lead to the creation of one of the largest global systemically important financial institutions in Europe: assets of UBS – $1.1 trillion, Credit Suisse – $575 billion. The question of the sale of Credit Suisse arose due to the financial problems of the bank.
