UBS, the well-known Swiss bank, has announced that it intends to complete the acquisition of Credit Suisse by next June 12th. As a result of this transaction, Credit Suisse shares will be delisted from both the SIX Swiss Exchange and the New York Stock Exchange.
Closing of the deal is subject to obtaining approval from the SEC (Securities and Exchange Commission), the US financial market supervisory authority. The SEC will have to declare the “declaration of registration of the shares to be issued” effective in order for the transaction to be completed. In addition, UBS will have to meet or waive other conditions previously set forth as part of the acquisition.
As for Credit Suisse shareholders, they will receive one UBS share for every 22.48 outstanding shares held. The acquisition will further strengthen UBS’s position in the Swiss and international financial markets, and is expected to lead to greater efficiency and competitiveness in the banking sector.