Right now... FT: UBS agrees to buy Credit Suisse for 20 billion

 

Michael Buholzer / AP  

Right now FT: UBS agrees to buy Credit Suisse for 20 billion 

 

UBS agrees to buy troubled Credit Suisse for $2 billion, equivalent to more than SEK 20 billion, three sources told the Financial Times. At the same time, Swiss authorities are ready to make rapid changes to the law so that the deal can go through without the shareholders voting on the takeover. This is so that the purchase can be completed before the stock exchanges open tomorrow, the newspaper writes.  

 

The purchase price for Credit Suisse is paid entirely in shares, and in that case lands on a quarter of the market value of around 8 billion dollars at the close of the stock market on Friday. 

  

Archive image. Michael Buholzer / AP 

 

The banking turmoil 

Details: Considering nationalizing Credit Suisse  

 

Switzerland is considering nationalizing all or part of Credit Suisse, sources told Bloomberg. It is seen as the only alternative to a merger with UBS, the news agency learns.  

 

In that case, the state can either take over the bank completely, or take a large stake due to the complexity and short time frame of the deal.  

 

However, the situation is constantly changing, the sources state. 

 

Switzerland's finance ministry declined to comment on the data.