November 29, 2023

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UBS plans to finish Credit score Suisse takeover as early as June 12

1 min read

Credit score Suisse shares will likely be delisted from the Swiss SIX Inventory Alternate and the New York Inventory Exchanges. Shareholders of Credit score Suisse will obtain one UBS share for each 22.8 excellent shares held. All of Credit score Suisse’s excellent debt securities will turn into obligations of UBS.

UBS had initially guided that the takeover of its smaller rival could be accomplished as early as finish of Could or early June. However the closing risked delay as a result of UBS and the Swiss authorities had been nonetheless negotiating the exact phrases of the 9-billion Swiss franc ($9.9 billion) state assure for losses the financial institution may incur, Bloomberg Information beforehand reported.

UBS agreed to take over Credit score Suisse this yr in an emergency sale backed by the Swiss authorities, amid fears that the smaller troubled competitor was hurtling towards chapter.

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