hit tracker
Friday, March 29, 2024
HomeLatest NewsUBS finalizes the merger with Credit Suisse and expects to complete the...

UBS finalizes the merger with Credit Suisse and expects to complete the process in a week

Date: March 29, 2024 Time: 02:08:47

The Swiss banking sector faces a historic June in which Credit Suisse will cease to exist after 167 years of history. UBS has announced that it expects to complete the purchase of what until now was its rival on June 12, that is, next week, from which time the merger will become effective. As both groups explained on Monday, the completion of the operation is subject to the UBS registration statement, which covers the shares that will be delivered in the operation to Credit Suisse shareholders, being declared effective by the Credit Suisse Commission. Securities and Exchange Exchange (SEC), as well as UBS’s compliance or waiver of other remaining closing conditions.

Upon completion of the transaction, Credit Suisse’s shares and American Depositary Shares (ADS) will cease to be listed on the Swiss and New York Stock Exchanges. Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares they own in a transaction valued at around 3 billion Swiss francs. Redemption of Credit Suisse ADSs may be subject to certain fees. Credit Suisse’s obligations arising from its outstanding debt securities will become obligations of UBS. Unless otherwise provided by the New York Stock Exchange or the Swiss Stock Exchange, if the transaction is completed before the US market opens on June 12, the New York delisting will take place on the same day and at the next day on the Swiss stock market.

If the acquisition is consummated after the market opens on June 12, the delisting on the New York Stock Exchange and the Swiss Stock Exchange will both occur the day after, that is, June 13. The European Commission occurred on May 25 without conditions the merger between the Swiss financial institutions with the European economy (EEA). The Community Executive thus gave its approval to the agreement for the merger of the two largest Swiss entities orchestrated on March 19 together with the authorities of the Swiss country, who described this solution as “the best option” to restore the confidence of Los markets.

The operation will reconfigure the global battle for the business of managing great fortunes and will give rise to a banking giant with a market value that will double Swiss GDP, thus ending a limbo of uncertainty for the more than 100,000 employees. For this reason, the quarterly results could be delayed beyond July 25, the initial date they contemplated. As previously advanced, he estimates that the cost of this marriage will amount to 17,000 million Swiss francs. Of this amount, 13,000 million correspond to the adjustment between assets and liabilities of the new group, to which another 4,000 million are added to cover possible litigation and regulatory costs derived from the exits.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
RELATED ARTICLES

Most Popular

Recent Comments