The second largest Swiss bank is likely to lose its independence.
(Photo: Reuters)
Zurich, Frankfurt The leaders of UBS and Credit Suisse continue to negotiate an emergency merger of the two banks on Sunday, with the participation of supervisors and government officials. According to a report in the “Financial Times”, UBS has now put an offer on the table: It would be willing to take over Credit Suisse for around one billion dollars or CHF 0.25 per share.
That would be a significant discount from the most recent listing. At the close of trading on Friday, Credit Suisse shares were listed at around CHF 1.86, with a market capitalization of around CHF 7 billion. According to the report, the rescue of the crisis bank should be secured by Sunday evening.
According to the “FT”, the state also wants to undermine shareholder rights to ensure this. The laws are to be changed in such a way that the approval of the shareholders of UBS and Credit Suisse for the merger should not be necessary.
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