UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday.
The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibousehas agreed to buy Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday.
UBS will pay more than 0.50 francs a share in its own stock, far below Credit Suisse’s closing price of 1.86 francs on Friday, FT reported, citing sources. The Swiss National Bank has agreed to offer a $100 billion liquidity line to Credit Suisse as part of the deal, the FT added, citing two people familiar with the matter.
According to the report, UBS has agreed to a softening of a material adverse change clause that would void the deal if its credit default spreads jump.Reporting by Shubham Kalia in Bengaluru Editing by Frances Kerry and Barbara Lewis
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