FT: UBS offers to buy Credit Suisse for up to US$1b

NEW YORK, March 19 — UBS Group AG has offered to buy Credit Suisse for up to US$1 billion (RM4.4 billion), with the Swiss government planning to change the country’s laws to bypass a shareholder vote on the transaction, the Financial Times reported today.

The proposed all-share deal between Switzerland’s two biggest banks is set to be signed as soon as this evening, the report said, adding that the deal will be priced at a fraction of Credit Suisse’s closing price on Friday. — Reuters