The British Financial Times reported today, Sunday, that Swiss banking giant UBS Group has offered to acquire Credit Suisse for up to $1 billion.
To accomplish this, the Swiss authorities intend to change the law so that the shareholder voting process can be bypassed, the newspaper reported. The aim is to ensure that the deal is completed by Monday.
Neither the two banks involved in the deal, nor the regulators, could be reached for comment on Sunday afternoon.
The Financial Times said the Beneken stock deal could be signed on Sunday evening, at a fraction of Credit Suisse’s closing share price last Friday, and then shareholders would be left empty-handed.
Credit Suisse shares ended trading last Friday at about 1.86 francs (two dollars).
