UBS Expects to Complete Credit Suisse Acquisition, Delisting as Early Next Week - Update
June 05 2023 - 2:05AM
Dow Jones News
By Pierre Bertrand
UBS Group said it expects to complete its acquisition of Credit
Suisse Group and have the shares of the Swiss peer delisted as
early as next week.
Upon completion, Credit Suisse will be merged into UBS and its
shares and American depositary shares will be delisted from the SIX
Swiss Exchange and the New York Stock Exchange, UBS said in a
statement Monday.
If the acquisition is finalized before the opening of trading in
the U.S. on June 12, Credit Suisse will de delisted in New York on
June 12 and delisted in Switzerland on June 13, UBS said.
If the deal is finalized after the opening of trading in the
U.S. on June 12, the delisting on the NYSE and the SIX will both
occur on June 13, UBS added.
UBS, which received the European Union's clearance for its
takeover of Credit Suisse last month, said Credit Suisse
shareholders will receive one UBS share for every 22.48 outstanding
shares held and that it will assume all Credit Suisse Group assets
and liabilities.
It added that Credit Suisse Group's obligations under its
outstanding debt securities will become UBS obligations.
UBS agreed to take over Credit Suisse as part of an emergency
measure in March to shore up the troubled lender and restore
confidence in the global banking system.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
June 05, 2023 01:50 ET (05:50 GMT)
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