UBS UBS Group AG

By Adria Calatayud

Cevian Capital has taken a stake in UBS Group worth 1.2 billion euros ($1.42 billion), saying it sees significant value potential in the Swiss financial giant after its takeover of rival Credit Suisse.

The Swedish investment firm said Tuesday that its stake in UBS amounts to 1.3%. UBS declined to comment when contacted by Dow Jones Newswires.

"The board and management team are doing an excellent job integrating Credit Suisse and we have been impressed by their commitment to further improve UBS," Cevian Capital Managing Partner and co-founder Lars Forberg said. "Strengthened by the acquisition, UBS is the largest global wealth manager with unique market positions and financial strength."

Cevian said UBS's shares could be worth 50 Swiss francs ($57.67) each if the group's valuation gap relative to U.S. peer Morgan Stanley is closed. UBS shares closed at CHF25.35 on Monday.

The news of Cevian's stake was first reported by the Financial Times.

Pierre Bertrand contributed to this article.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

December 19, 2023 02:18 ET (07:18 GMT)

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