The final stretch of the Credit Suisse rescue has heated up this weekendafter the daily Financial Times published that the largest fund manager in the world, BlackRockwas actively exploring the presentation of an offer by the entity, something that has been emphatically denied by the North American institution.
This offer would have competed with the three-way plan they are working on in extremis Swiss regulators, Credit Suisse and its archrival ubs, for a takeover by the latter of the bank, whose financial problems have triggered fears of a European and probably global banking crisis.
JZ
Shortly after the denial, the economic newspaper has rectified its information and has assured that BlackRock explored (in the past, instead of in the present continuous) the possibility of presenting an offer for Credit Suisse. Your initial plans They had a wide range of options.from an offer for the entire business, only for some parts or even the creation of a consortium of investors.
The fact that BlackRock, a manager with more than 8 trillion euros of assets under management, has considered the possibility of buying the Swiss entity and has ruled it out, adds another element of uncertainty to the negotiations between UBS and Credit Suisse. At Friday’s close, the former had a market capitalization of about $55 billion, seven times that of its rival.
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Augustine Monzon
The councils of both entities and the regulators are negotiating against the clock to be able to a sign of confidence before opening of the markets on Monday and avoid another week of instability in the sector world financial.
In fact, the sense of urgency of the operation is evident and, as reported this afternoon by the Financial TimesSwitzerland would be willing to use emergency measures to expedite the acquisition of Credit Suisse by UBS. Under Swiss rules, and in a normal situation, UBS would have to give shareholders six weeks to consult on the acquisition, but in this case extraordinary measures could be used to lighten said period.
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Opinion rodrigo rodriguez
The turmoil that began in the middle of last week in the US, when the bank Silicon Valley Bank began its collapse, mutated in Europe in an intense scrutiny of the entities considered problematic. Credit Suisse, which had been in its own free fall for several quarters, received the most negative attention from the markets. His shares plummeted and they forced their country’s central bank to announce an injection of 50,000 million euros and their rival UBS, at the request of regulators, to negotiate its acquisition.
The final stretch of the Credit Suisse rescue has heated up this weekendafter the daily Financial Times published that the largest fund manager in the world, BlackRockwas actively exploring the presentation of an offer by the entity, something that has been emphatically denied by the North American institution.
