On Saturday, the British newspaper reported that it is heading towards a bidding war for Credit Suisse. The world’s biggest asset manager, US investment giant Blackrock, is working on a rival bid for the troubled Swiss bank, according to sources Financial Times have talked to.
The investment giant will consider several options and is working with other investors, according to the FT, which cites anonymous sources. This means that they can bid for only parts of the business.
To American Bloomberg Blackrock denies that it is working on a competing bid for Credit Suisse.
– Blackrock does not participate in any plans to buy all or part of Credit Suisse, and has no interest in doing so, says a spokesperson from Blackrock to Bloomberg.
UBS in talks about acquisition
On Friday evening, the Financial Times reported that the major Swiss bank UBS is in talks to take over all or part of crisis-stricken Credit Suisse.
The news came a few days after the Swiss central bank gave Credit Suisse crisis aid of 50 billion Swiss francs, or close to NOK 600 billion.
However, the news was unable to prevent a further price collapse for Credit Suisse, which fell around 24 per cent on the New York Stock Exchange.
According to the Financial Times, the boards of the two major Swiss banks were to meet separately over the weekend to see if it is possible to put a merger in place. According to anonymous sources cited by the newspaper, Swiss authorities have told their counterparts in the US and UK that a merger is seen as their “plan a” to prevent a collapse of confidence. (Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links, which lead directly to our pages. Copying or other forms of use of all or part of the content may only take place with written permission or as permitted by law. For further terms see here.
