UBS offers up to $1 billion to buy Credit Suisse
The bank Credit Suisse, based in Zurich, had the worst session on the stock market in its history on Wednesday.
USB bank has offered to buy Credit Suisse for up to $1 billion, while the Swiss government plans to change national regulations to dispense with shareholder votes on the deal, the Swiss government reported on Sunday. Financial Times.
Credit Suisse and UBS declined to comment on this information and no immediate comment could be obtained from of the Swiss government.
According to Bloomberg News, which cites sources familiar with the matter, Credit Suisse is resisting UBS's offer, deeming it too low and likely to penalize its shareholders and employees with stock options.
The all-share offer was made on Sunday morning at a unit price of 0.25 Swiss francs, the FT reported, and could be signed by ;here the end of the day.
The offer price is well below the closing price of Credit Suisse shares on Friday (1.86 Swiss francs).
A source familiar with the talks told Reuters on Saturday that UBS was seeking a guarantee of around $6 billion from the Swiss Federal Council for a possible takeover of Credit Suisse.
Discussions are still ongoing and this amount could be changed, as several scenarios are still under consideration, this source said.
The guarantees are to be used to cover the cost of the depreciation of certain Credit Suisse assets and possible litigation costs, two sources told Reuters.
Talks to resolve the crisis of confidence around Credit Suisse are facing significant hurdles and some 10,000 jobs could be at risk if the two banks merge, one of the sources said.
Swiss regulators are keen to present a solution for Credit Suisse's future before markets reopen on Monday, the source added.
On Sunday on France 3, French Economy Minister Bruno Le Maire called for a rapid, massive and credible solution to be found.
The 167-year-old institution is among the 30 most important banks in the world from a systemic point of view, and its failure would send shock waves through the entire global financial industry.
Credit Suisse's difficulties erupted after the collapse of two American banks, Silicon Valley Bank and Signature.