The deal between the two major Swiss banks could be signed late this Sunday.
MADRID, 19 March (EUROPA PRESS) –
Swiss bank UBS has finalized the acquisition of Credit Suisse, the country’s other largest bank, with a bid of up to $1,000 million (930 million euros), while country officials are preparing a legislative amendment before Monday to speed up the transaction. According to sources from the Financial Times.
According to the understanding of four sources close to the negotiations, the deal could be done even this Sunday night at CHF 0.25 per share, well below Credit Suisse’s Friday closing price (1.86 CHF).
The situation is “moving very fast” and there is currently no guarantee that the deal will be closed in the next few hours or that an agreement will be reached based on current conditions, according to the information the economy newspaper evaluated. .
The change in legislation will make it possible to finalize the acquisition without the need for a shareholder vote, in order to save the business from the crisis it has been engulfing in recent days, marked by investor panic and only temporarily softened. Liquidity injection from the Swiss National Bank.
Credit Suisse, which closed Friday with a market cap of around 7.4 billion francs ($8 billion), believes the offer is too low and will hurt shareholders and employees whose shares are deferred, Bloomberg reports.
Source: Noti Merica
