The banking turmoil

The banking turmoil  

The major bank UBS offers to buy – but Credit Suisse wants better payment  

 

UBS has offered to buy Credit Suisse for up to one billion dollars, writes the Financial Times on Sunday afternoon. But shortly thereafter, Bloomberg reports that Credit Suisse is unhappy with the bid. According to sources to the news agency, the bank believes that the offer harms shareholders and employees. 

 

The settlement, which concerns all shares, is expected to be completed during the evening and the proposed price is only a fraction of Credit Suisse's market value. The offer is equivalent to 0.25 Swiss francs per share, compared to the closing price of 1.86. In Swedish kronor, the offer corresponds to approximately SEK 2.90 per share. 

 

According to the newspaper's sources, the financial authority Finma and the country's central bank had great influence on the settlement. As it currently stands, the demand for a vote among the shareholders of UBS is expected to be passed. 

 

UBS has also wanted to include a clause against excessively large credit losses in the settlement.