Geneva, (EFE).- The Swiss bank UBS would have agreed to buy its weakened rival Credit Suisse for just over 2,000 million dollars, after a weekend of intense negotiations between the two banks, the government, the central bank and the regulatory entity to exclude the possibility of a major debacle of the establishment, according to the Financial Times newspaper.
As part of the agreement, the parties involved would have agreed to a change in the legislation to prevent this purchase decision from being submitted to a vote by UBS shareholders.
The Swiss Executive has announced a press conference in the next few hours, supposedly with the intention of announcing the agreement, for which the purchasing bank would have required various guarantees, in particular coverage to cover expenses related to eventual litigation.
This offer would double one that UBS would have made hours earlier and that Credit Suisse would have rejected as detrimental to the establishment and its shareholders, since it valued its shares at 0.25 Swiss franc cents, compared to the 1.86 francs at which closed in the stock market session last Friday.
New offer for the shares
The new offer would value the title of what has been the second largest bank in the country in recent decades – and which was among the ten most important in Europe – at just over 0.50 cents, less than a third of its stock market price. more recent.
A month ago, Credit Suisse shares were worth 2.77 francs and six months ago they were trading at 4.64 francs, although by then its image was already tarnished by the results of poor management, scandals that cast doubt on its reputation, and lawsuits that forced him to pay million-dollar fines, particularly in the United States.
The loan of more than 50,000 million francs that the Swiss National Bank agreed to make to him last week to calm the markets – considering that his capital and liquidity were sufficiently solid – did not have the expected result.