The Swiss bank, however, allegedly rejected the offer for having found a low value
UBS offered on Sunday (19) to buy Credit Suisse for up to 1 billion dollars, reported the “Financial Times” newspaper, according to which the operation will be entirely in securities.
According to the publication, the proposed settlement between the two largest Swiss banks provides for the payment of 0.25 Swiss francs to be paid in UBS shares, well below the 1.86 Swiss francs at the close of the Credit Suisse trade show on Friday (18 ).
The newspaper also explains that, to facilitate the closure of the deal before the markets open on Monday, the Swiss authorities are preparing to amend the laws so as to circumvent the shareholders’ vote on the operation.
The Federal Reserve (Fed), the central bank of the United States, would have given its consent to the operation.
However, Credit Suisse reportedly opposed UBS’s offer, believing the amount was too low and not beneficial to shareholders, Bloomberg reported, adding that Switzerland is considering nationalizing all or part of Credit Suisse in case it which an agreement is not reached with UBS. .
Source: Terra
