ZURICH, June 12 (Reuters) – Credit score Suisse (CSGN.S) shares closed 1% increased at 0.81 Swiss francs ($0.89) on Monday, their final buying and selling day after the stricken financial institution’s takeover by Swiss rival UBS (UBSG.S).
Beneath the phrases of the three billion franc all-share transaction, Credit score Suisse shareholders will obtain 1 UBS share for each 22.48 Credit score Suisse shares they held.
Credit score Suisse shares have misplaced 86% in worth over the past 12 months after the lender was hit was a collapse in buyer confidence, necessitating a state-orchestrated rescue by its bigger Swiss peer.
The ultimate worth underlines a large collapse in worth at Credit score Suisse. In 2007 its shares had traded at 81 francs, 100 instances their last worth.
The financial institution, which was based in 1856, performed a central function within the historical past and improvement of Switzerland, after it was set as much as finance the nation’s railways, will now be merged into UBS Group.
($1 = 0.9096 Swiss francs)
Reporting by John Revill; Enhancing by Toby Chopra
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