UBS takes over Credit Suisse for $3.24B in shares: CS
This photograph taken on 19 March 2023, shows the logo of Swiss banking Credit Suisse on a building facade in Bern. – UBS was up against the clock on March 19, 2023, in talks to finalise a mammoth takeover of its troubled rival Swiss bank Credit Suisse and reassure investors before the markets reopen. Switzerland’s biggest bank UBS is being urged by the authorities to get a deal over the line in a bid to avoid a wave of contagious panic on the markets Monday, according to several media reports. (Photo by Fabrice COFFRINI / AFP)
UBS will take over stricken rival Swiss bank Credit Suisse for “a merger consideration of three billion Swiss francs”, ($3.24 billion), Credit Suisse said in a statement Sunday following intense talks in Bern.
“All shareholders of Credit Suisse will receive one share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects a merger consideration of three billion Swiss francs for all shares in Credit Suisse,” the troubled bank said, with chairman Axel Lehmann adding: “Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome.”
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