UBS buys Credit Suisse for up to $1 billion

UBS Group AG UBSG.S offered to buy Credit Suisse CSGN.S The Swiss government plans to change the country’s laws to avoid a shareholder vote on the deal, the Financial Times reported on Sunday.

A proposed all-share deal between Switzerland’s two largest banks is also expected to be signed on Sunday evening, according to the report, which is minutes after Credit Suisse’s closing price on Friday. added that it will be priced at 1 of

A bid was made on Sunday morning at a price of 0.25 Swiss francs ($0.27) per share in UBS shares. the newspaper said, according to a person familiar with the matter. Credit Suisse shares closed at 1.86 Swiss francs on Friday.

UBS is also claiming a “material adverse change” that would invalidate trades if credit default spreads jumped by more than 100 basis points, the report added.

Credit Suisse declined to comment, but UBS Group and the Swiss government did not immediately respond to Reuters’ request for comment.

UBS is considering the acquisition of Credit Suisse and the Swiss government may provide a guarantee against the associated risks. told Reuters Saturday.

(Reuters) UBS buys Credit Suisse for up to $1 billion

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