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

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

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    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 pierre.bertrand@wsj.com
    

    

    

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    Deutsche Bank Reports Higher Profit in Tumultuous Quarter
    
			
    Deutsche Bank Reports Higher Profit in Tumultuous Quarter
    
			
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    Deutsche Bank Reports Higher Profit in Tumultuous Quarter
    

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    Credit Suisse, UBS, First Republic, and More Stock Market Movers
    
			
    Credit Suisse, UBS, First Republic, and More Stock Market Movers
    
			
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    https://www.barrons.com/articles/stock-market-movers-a86267f
    


        
    



        


    
          


    
            


    

              
              


    

              


    









      
    


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    Norway’s Oil Fund Has Roughly 1.49% Stake in Credit Suisse, No AT1 Bond Exposure
    
			
    Norway’s Oil Fund Has Roughly 1.49% Stake in Credit Suisse, No AT1 Bond Exposure
    
			
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    By Dominic Chopping
    

    Norway’s sovereign wealth fund had a 1.49% stake in Credit Suisse Group AG at the end of 2022 and a 3.31% stake in UBS Group AG, holdings that remain “approximately unchanged,” it said Monday.
    

    UBS yesterday agreed to take over Swiss rival Credit Suisse for more than $3 billion as regulators pushed for the deal in an effort to calm declining confidence in the global banking system.
    

    

    Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares held, but holders of around $17.3 billion of additional tier 1 bonds, or AT1s, will receive nothing.
    

    Norges Bank Investment Management, the arm of Norway’s central bank that manages the sovereign-wealth fund, commonly known as the oil fund, said that it doesn’t hold any Credit Suisse AT1 bonds.
    

    Write to Dominic Chopping at dominic.chopping@wsj.com
    

    

    

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    UBS Said to Offer $1 Billion for Credit Suisse. Here’s Why It Matters.
    
			
    UBS Said to Offer $1 Billion for Credit Suisse. Here’s Why It Matters.
    
			
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            UBS
    
          
    
        
    
       Group has offered to buy Credit Suisse Group for up to $1 billion, the Financial Times reported on Sunday. 
    

    The report said regulators are rushing to complete a deal for
    
        
    
          
    
            Credit Suisse
    
          
    
        
    
       (ticker: CS) before financial markets open on Monday. A merger of Switzerland’s two largest banks comes against a backdrop of industry turmoil. The potential end of the storied bank shows how far and how quickly worries have spread about the financial sector.
    

    

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    Credit Suisse makes $2.98 billion debt-repurchase offers
    
			
    Credit Suisse makes $2.98 billion debt-repurchase offers
    
			
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    Credit Suisse Group AG said Friday that it is offering to repurchase debt securities for a total of close to $3 billion as the troubled lender looks to manage its liabilities ahead of a touted restructuring.
    

    The Swiss bank
    
        CS,
    
        +1.66%
    

            CSGN,
    
        +3.13%
    
       is offering to buy back eight euro- or pound sterling-denominated senior debt securities for a total of up to 1 billion euros ($979.2 million,) it said.
    

    

    It is also offering to buy back 12 U.S. dollar-denominated securities for up to $2 billion. Both offers are subject to various conditions and will expire on Nov. 3 and Nov. 10, respectively, Credit Suisse said.
    

    The value of some Credit Suisse bonds fell at the beginning of this week alongside shares in the lender amid speculation over its financial health. The bank has moved to reassure investors ahead of a planned strategy update due on Oct. 27 alongside quarterly results.
    

    Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
    

    

    

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