UBS offers up to one billion dollars (930 million euros) to get Credit Suisse Bank.
According to progress, the agreement between the two main Swiss banks could be closed late this Sunday. Financial Times.
Credit Suisse announced last Thursday that it will borrow up to 50,000 million francs (about 50,750 million euros) from the Swiss National Bank (SNB) to proactively bolster its liquidity, according to the Swiss institution, which stressed that this additional liquidity “will support business . and their main clients.
The deal, according to four sources close to the talks, could go ahead even this Sunday evening at CHF0.25 per share, well below Credit Suisse’s closing price of CHF1.86 on Friday.
Change in legislation
According to information shuffled by the economic newspaper and compiled by Europa Press, the situation is “developing very quickly” and there is no guarantee now that the agreement will be closed in the coming hours or that it will be agreed upon. under current conditions.
The change in legislation will allow the purchase to be settled without the need for a shareholder vote, in order to save the company from the crisis it has fallen into in recent days, marked by investor panic and only temporarily alleviated. liquidity injection from the Swiss central bank.
Credit Suisse, which closed on Friday with a market value of around 7.4 billion francs ($8 billion), believes the offer is too low and will hurt shareholders and employees who have shelved shares, Bloomberg reported, citing people familiar with the matter. question.
Source: El Independiente