UBS Plans To Close Credit Suisse Acquisition By Mid-June

Author: Lekha Gupta | June 05, 2023 05:41am

• UBS Group AG (NYSE:UBS) disclosed that it expects to conclude the acquisition of Credit Suisse Group AG (NYSE:CS) as early as June 12, 2023.
• The deal closure is subject to the registration statement that covers shares to be delivered, being announced effective by the U.S. SEC, and other closure conditions.
• Post completion, holders of Credit Suisse shares will get one UBS share for every 22.48 shares they own, or CHF 0.76 per share.
• Also, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from the SIX Swiss Exchange (SIX) and the NYSE. 
• Last week, UBS stated it expects a financial hit of $17 billion from the acquisition of Credit Suisse in a regulatory filing.
• Earlier, UBS CEO Sergio Ermotti shared his thoughts on troubled Credit Suisse, saying that the latter bank has stabilized and that he did not think outflows at the embattled bank were continuing.
• In April, UBS reported a 52% slide in Q1 2023 quarterly income to $1.03 billion, making an additional $665 million provisions to cover litigation costs related to U.S. residential mortgage-backed securities.
• Price Action: UBS shares closed higher by 2.31% at $19.97 on Friday.

Posted In: CS UBS