MADRID, 5 Jun. (EUROPA PRESS) –
The Swiss bank UBS expects to complete the acquisition of Credit Suisse on June 12, at which time the merger between the two entities will take place.
As both groups explained on Monday, the completion of the operation is subject to the UBS registration statement, which covers the shares that will be delivered in the operation to Credit Suisse shareholders, being declared effective by the Credit Suisse Commission. Securities and Exchange Exchange (SEC), as well as UBS’s compliance or waiver of other remaining closing conditions.
Upon completion of the transaction, Credit Suisse’s shares and American Depositary Shares (ADS) will cease to be listed on the Swiss and New York Stock Exchanges.
Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares they own. Redemption of Credit Suisse ADSs may be subject to certain fees. Credit Suisse’s obligations arising from its outstanding debt securities will become obligations of UBS.
Unless otherwise provided by the New York Stock Exchange or the Swiss Stock Exchange, if the transaction is completed before the US market opens on June 12, the New York delisting will occur on the same day and on the next on the Swiss Stock Exchange.
If the acquisition is consummated after the market opens on June 12, the delisting on the New York Stock Exchange and the Swiss Stock Exchange will both take place the day after, that is, June 13.
The European Commission approved on May 25 without conditions the merger between the Swiss financial institutions UBS and Credit Suisse, just over two months after the collapse of the latter, after verifying that the operation will not raise competition problems in the European Economic Area (EEE).
The Community Executive thus gave its approval to the agreement for the merger of the two largest Swiss entities orchestrated on March 19 together with the authorities of the Swiss country, who described this solution as “the best option” to restore the confidence of the markets.
