UBS Expects to Complete Rival Credit Suisse Takeover by June 12
Swiss multinational investment bank UBS said it will complete its takeover of rival Credit Suisse by “as early as June 12.”
Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares held. All of Credit Suisse’s outstanding debt securities will become obligations of UBS.
Completion of the deal is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and to satisfaction, or waiver by UBS, of other remaining closing conditions, UBS said.
In March, UBS agreed to pay $3.37 billion for Credit Suisse after declining customer confidence brought the bank to the verge of failure. Swiss authorities had also stepped into avert a much broader banking crisis. Once the deal closes, the combined group will oversee assets worth about $5 trillion.
UBS had been pushing to close the transaction in record time in hopes of providing more certainty to Credit Suisse clients and employees and avert departures.
Credit Suisse shares and American Depositary Shares (ADS) will be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE), UBS said.
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