The agreement between the two main Swiss banks could be signed late this Sunday
March 19 () –
The Swiss bank UBS is finalizing the purchase of the other largest bank in the country, Credit Suisse, with an offer of up to 1,000 million dollars (930 million euros) while the country’s authorities prepare a change in legislation to accelerate the transaction before Monday, according to sources from the ‘Financial Times’.
This agreement, according to the understanding of up to four sources close to the negotiations, could take place even this Sunday night at a price of 0.25 Swiss francs per share, well below Credit Suisse’s Friday closing price (1.86 Swiss francs).
According to the information that the economic newspaper is considering, the situation “is moving very quickly” and right now there are no guarantees that the agreement will end up closed in the next few hours or that it will end up being agreed under the current terms.
The change in the legislation would make it possible to settle the purchase without the need for a shareholder vote in an effort to save the entity from the crisis in which it has been involved in recent days, marked by investor panic and only temporarily cushioned. by an injection of liquidity from the Swiss Central Bank.
Credit Suisse, which closed on Friday with a market value of about 7.4 billion francs ($8 billion), believes the offer is too low and would hurt shareholders and employees who have deferred shares, Bloomberg reported, citing people with knowledge of the matter.
