UBS plans to complete Credit Suisse takeover as early as June 12
UBS agreed to take over Credit Suisse this year in an emergency sale
Zurich: UBS Group expects to complete its acquisition of Credit Suisse Group as early as June 12, it said in a statement on Monday.
The closing of the deal is still subject to certain conditions, which UBS can waive, according to the statement.
Credit Suisse shares will be delisted from the Swiss SIX Stock Exchange and the New York Stock Exchanges. Shareholders of Credit Suisse will receive one UBS share for every 22.8 outstanding shares held. All of Credit Suisse’s outstanding debt securities will become obligations of UBS.
UBS had originally guided that the takeover of its smaller rival would be completed as early as end of May or early June. But the closing risked delay because UBS and the Swiss government were still negotiating the precise terms of the 9-billion Swiss franc ($9.9 billion) state guarantee for losses the bank might incur, Bloomberg News previously reported.
UBS agreed to take over Credit Suisse this year in an emergency sale backed by the Swiss government, amid fears that the smaller troubled competitor was hurtling toward bankruptcy.