UBS agrees to purchase Credit score Suisse for greater than $2bn, studies Monetary Occasions

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UBS has agreed to purchase Credit score Suisse after rising its provide to greater than $2 billion, the Monetary Occasions reported on Sunday.

UBS can pay greater than 0.50 francs ($0.5401) a share in its personal inventory, far under Credit score Suisseā€™s closing worth of 1.86 francs on Friday, FT reported, citing sources.

The Swiss Nationwide Financial institution has agreed to supply a $100 billion liquidity line to Credit score Suisse as a part of the deal, the FT added, citing two folks aware of the matter.

In accordance with the report, UBS has agreed to a softening of a fabric adversarial change clause that will void the deal if its credit score default spreads leap.

Credit score Suisse and UBS declined to remark.

(Reuters)