Credit Suisse, twist. The Swiss puts his hand to the wallet
Switzerland considers the full or partial nationalization of Swiss credit. The agency writes it Bloombergexplaining that this would be the viable option outside of an acquisition of Ubs.
According to reports from the agency Reuterswhich cites two sources, the Swiss authorities are considering imposing losses on bondholders of Swiss credit under the rescue. However, European regulators – the sources note – are concerned about such a move, fearing it could affect investor confidence in other areas of the European financial sector.
A final decision, however, has not been made and terms could still change. Losses for bondholders could be greater if Swiss credit was liquidated rather than if it were taken over by Ubssaid one of the sources.
Credit Suisse on UBS’s 1 billion offer: “Too low”
UBS would offer up to $1 billion to buy Swiss credit. The writes it Financial Times, according to which the Swiss authorities are planning to change the country’s laws to avoid a shareholder vote on the deal. The offer was announced this morning at a price of 0.25 Swiss francs per share, to be paid in shares UBSwell below Friday’s close of Credit Suisse of 1.86 Swiss francs. The situation is rapidly evolving and, according to the sources, there is no guarantee that the terms will remain unchanged or that an agreement will be reached.
Swiss creditwhich ended Friday with a market value of about 7.4 billion francs ($8 billion), believes the takeover offer for Ubs for approximately $1 billion is too low and would hurt shareholders and employees who have deferred stock. This was revealed by Bloomberg, underlining that the situation is uncertain and could change, since the financial authorities will try to finalize a solution for the bank before the opening of the Asian markets, which in Europe takes place in the late afternoon today. The Ministry of Finance of Bern has not released any comments.
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