(News Bulletin 247) – UBS loses 11% in Zurich, sanctioned for the announcement of the merger agreement with Credit Suisse following the intervention of the Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority (FINMA).
Under the agreed terms, all Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares, an exchange ratio that reflects a merger consideration of three billion Swiss francs for all Credit Suisse shares.
In accordance with the emergency ordinance of the Swiss Federal Council, the merger can be completed without shareholder approval. Completion of the transaction, expected by the end of 2023 if possible, remains subject to customary closing conditions.
Until its absorption by UBS, Credit Suisse will continue its normal activities and its restructuring measures. The Swiss National Bank will grant the institution access to facilities that provide substantial additional liquidity.
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