Swiss government planning to change the country’s laws to bypass a shareholder vote on the transaction, according to report
for up to $1 billion, with the Swiss government planning to change the country’s laws to bypass a shareholder vote on the transaction, the Financial Times reported on Sunday.
UBS has also insisted on a ‘material adverse change’ that voids the deal in the event its credit default spreads jump by 100 basis points or more, the report added. However, it noted that the situation was fast-moving and there was no guarantee that terms will remain the same or that a deal would be reached.
One source previously cautioned the talks were encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine. The Swiss Bank Employees Association on Sunday called for the immediate creation of a task force to deal with the risk to jobs. The plan could see Credit Suisse’s Swiss business spun off, while Bloomberg reported that the takeover talks were throwing into doubt plans to hive off its investment bank under the First Boston brand.
“The last days of Credit Suisse,” proclaimed the front page of Swiss newspaper NZZ am Sonntag over an illustration of the bank’s headquarters in flames. Banking stocks globally have been battered with the S&P Banks index falling 22% in its largest two-week loss since the pandemic shook markets in March 2020.
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