UBS buys Credit Suisse for more than 2,000 million dollars (about 1,872 million euros). According to various specialized media, the two entities have reached an agreement that will prevent the nationalization of the Swiss bank and help restore calm to the markets before the opening of the stock markets this Monday.
Financial Times assures that the Swiss authorities have accepted amend the country’s law so that a shareholder vote is not required in order to proceed with the sale of Credit Suisse.
He adds that the Swiss National Bank has also been willing to offer an additional liquidity line worth 100,000 million dollars (about 93.6 billion euros) as part of the deal, according to two knowledgeable sources.
(Credit Suisse revives the nightmare of the 2008 crisis: negotiations against time with UBS to avoid its fall)
Specifically, the latest offer presented this Sunday by UBS contemplates a price of 0.50 Swiss francs for each Credit Suisse sharedouble what it would have initially offered (0.25 Swiss francs) and which valued the company at around 1,000 million dollars (about 936 million euros).
Despite this improvement, the amount is well below the 1.86 Swiss francs at which the shares closed of Credit Suisse the stock market session last Friday, since it implies a discount of 73.1%. It also does not include any additional provisions that the Swiss central bank may have to make to ensure the deal closes.
The Swiss Government has announced the call for an “important” press conference for the afternoon of this same Sunday at the Federal Palace of Bern, according to the newspaper ‘Neue Zuercher Zeitung’.
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