UBS agrees to buy Credit Suisse for more than $2 billion – FT
The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse
(Reuters) -UBS has 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 ($0.5401) 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.
Credit Suisse and UBS declined to comment.
($1 = 0.9258 Swiss francs)