Chairman Axel Lehmann stated the merger represents the “finest out there end result.”
Bern, Switzerland:
UBS will take over stricken rival Swiss financial institution Credit score Suisse for “a merger consideration of three billion Swiss francs”, ($3.24 billion), Credit score Suisse stated in a press release Sunday following intense talks in Bern.
“All shareholders of Credit score Suisse will obtain one share in UBS for 22.48 shares in Credit score Suisse as merger consideration. This trade ratio displays a merger consideration of three billion Swiss francs for all shares in Credit score Suisse,” the troubled financial institution stated, with chairman Axel Lehmann including: “Given latest extraordinary and unprecedented circumstances, the introduced merger represents one of the best out there end result.”
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