Credit Suisse takes a dump...

TheBrit · 18-03-2023, 11:05 PM

UBS is still up and running.

shri · 19-03-2023, 08:37 AM

Looks like a deal might be made soon..

UBS reportedly seeks $6 billion in government guarantees for Credit Suisse takeover

https://www.cnbc.com/2023/03/18/ubs-...ndroidappshare

shri · 19-03-2023, 08:39 AM

In other news a new name for ubs .. United Banks of Switzerland

Switzerland is preparing to use emergency measures to fast-track the takeover by UBS of Credit Suisse, according to three people familiar with the situation, as the banks and their regulators rush to seal a merger deal before markets open on Monday.

Under Swiss rules, UBS would typically have to give shareholders six weeks to consult on the acquisition, which would combine Switzerland’s two biggest lenders.

Three people briefed on the situation said UBS had indicated that emergency measures would be used so that it could skip the consultation period and pass the deal without a shareholder vote. The details are still being worked out, one of the people said.

Switzerland prepares emergency measures to deliver UBS takeover of Credit Suisse - https://on.ft.com/3LC3bML

CWB Bay · 19-03-2023, 09:23 AM

"I have always admired the Swiss."

shri · 19-03-2023, 08:10 PM

Sold .. Suspect the 100bps is incorrect

The offer was communicated on Sunday morning with a price of SFr0.25 a share to be paid in UBS stock, far below Credit Suisse’s closing price of SFr1.86 on Friday, the people said. UBS has also insisted on a material adverse change that voids the deal if its credit default spreads jump by 100 basis points or more, they added.

https://archive.is/iiMSe