UBS Expects to Complete Credit Suisse Acquisition, Delisting as Early Next Week - Update

By Pierre Bertrand

UBS Group said it expects to complete its acquisition of Credit Suisse Group and have the shares of the Swiss peer delisted as early as next week.

Upon completion, Credit Suisse will be merged into UBS and its shares and American depositary shares will be delisted from the SIX Swiss Exchange and the New York Stock Exchange, UBS said in a statement Monday.

If the acquisition is finalized before the opening of trading in the U.S. on June 12, Credit Suisse will de delisted in New York on June 12 and delisted in Switzerland on June 13, UBS said.

If the deal is finalized after the opening of trading in the U.S. on June 12, the delisting on the NYSE and the SIX will both occur on June 13, UBS added.

UBS, which received the European Union's clearance for its takeover of Credit Suisse last month, said Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares held and that it will assume all Credit Suisse Group assets and liabilities.

It added that Credit Suisse Group's obligations under its outstanding debt securities will become UBS obligations.

UBS agreed to take over Credit Suisse as part of an emergency measure in March to shore up the troubled lender and restore confidence in the global banking system.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

June 05, 2023 01:50 ET (05:50 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.