“UBS shares” fall 14% after closing deal to buy Credit Suisse

On March 20, 2566, Bloomberg News reported that UBS Group shares fell 14%, while Credit Suisse shares fell 63% at approximately 08.30:3 a.m. London time after UBS agreed to acquire Credit Suisse for 3.23 billion. million Swiss francs, or approximately XNUMX billion US dollars

The Swiss government's financial regulator took part in the historic all-share deal, which is a steep discount to Credit Suisse's closing price. On Friday, Credit Suisse shares were down 62% at 0.7 Swiss francs, below their trading price.

Shares of Credit Suisse and UBS led losses, with the Stoxx 600 Banks Index falling 3.4% and the European Banking Index down nearly 5% at around 08.30:XNUMX a.m. London time.

Reference: https://www.bloomberg.com/news/articles/2023-03-20/ubs-slumps-after-agreeing-to-buy-credit-suisse-in-historic-deal?srnd=economics-v2

https://www.cnbc.com/2023/03/20/ubs-shares-tumble-after-emergency-rescue-of-rival-credit-suisse.html