The Swiss bank is paying more than US$2 billion for its rival, according to people with knowledge of the matter. It will be an all share deal and priced at a fraction of Credit Suisse’s close on Friday, when the bank was valued at about 7.4 billion francs The people asked not to be identified because the deal isn’t public yet.
U.S. authorities have been working with their Swiss counterparts because both lenders have operations in the U.S. and are considered systemically important in Switzerland, Bloomberg reported earlier. Authorities sought an agreement before markets opened again in Asia. UBS agreed to a softening of a material adverse change clause that would void the deal if its credit default spreads jump, the FT also reported people familiar with the matter as saying. The material adverse change clause applies for the period between the signing and closing of the deal, the people said.
Not sure if this is good or bad for stabilizing the markets .
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