According to the Financial Times, UBS has agreed to buy the share package of Credit Suisse for an amount of more than two billion dollars.

Despite this, the Swiss government insists on planning to partially or fully nationalize Credit Suisse.

Under Swiss law, UBS would have to give shareholders six weeks to consult on any deal. Three sources told the FT that UBS had hinted that extraordinary measures would be used to circumvent the above obligation.

The offer of 1 billion that was not accepted

The offer was made on Sunday morning at a price of 0.25 francs a share for each share compared to 1.86 francs which was Friday’s close. . UBS is also insisting that there be a provision to cancel the deal if there is a significant downside move with its CDS spreads rising by 100 basis points or more.

A government-orchestrated deal would address the sharp turmoil Credit Suisse has caused in markets. The credit line offered by Switzerland’s central bank was not enough to stem the swings, as the recovery in stocks proved to be only temporary.

Contacts between the two banks are limited and the Swiss central bank and Finma have significantly influenced the terms of the deal, the sources said.

On Saturday night the Swiss government’s cabinet converged in Bern for a series of presentations by government officials, the central bank, Finma and banking executives. The government is preparing to use emergency measures to speed up the takeover of Credit Suisse by UBS, the sources said.