UBS makes offer for Credit Suisse, bondholder losses considered
Stefania Spezzati, Oliver Hirt and John O'Donnell
March 19 (Reuters) - UBS Group AG (UBSG.S) is in emergency talks to buy
fellow Swiss banking giant Credit Suisse (CSGN.S) as authorities bid to stave
off turmoil when global markets reopen on Monday, with reports saying UBS has
offered to pay up to $1 billion.
Swiss authorities are examining imposing losses on Credit Suisse bondholders
as part of a rescue, two sources with knowledge of the matter said on Sunday,
while European regulators are apprehensive for fear it could hit investor
Authorities have been racing to rescue the 167-year-old bank, among the
world's largest wealth managers, to avoid a collapse in confidence among
investors as some banks struggle with the fallout of rapidly rising central
bank interest rates.
As one of 30 global banks seen as systemically important, any deal for Credit
Suisse could have major repercussions for bank valuations.
瑞銀集團 (UBSG.S) 正在就收購事宜進行緊急談判瑞士銀行業巨頭瑞士信貸 (CSGN.S)
Bloomberg News, citing people with knowledge of the matter, said Credit
Suisse was resisting the offer of up to $1 billion, believing it to be too
low and that it would hurt shareholders and employees who hold deferred stock.
Credit Suisse and UBS declined to comment, and the Swiss government did not
immediately respond to a request for comment.
The Financial Times reported that the all-share deal was set to be signed as
early as Sunday. Citing people familiar with the matter, it said an offer
made on Sunday was of 0.25 Swiss francs ($0.27) per Credit Suisse share, well
below Friday's closing price of 1.86 Swiss francs and all but wiping out the
bank's existing shareholders.
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. It said there was no guarantee that terms will remain the same
or that a deal would be reached.
A person with knowledge of the talks earlier told Reuters that UBS sought $6
billion from the Swiss government as part of a possible purchase of its
rival. The guarantees would cover the cost of winding down parts of Credit
Suisse and potential litigation charges.
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1F→tomdavis: https://udn.com/news/story/7239/7036964 03/19 23:07
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8F推Eide: https://i.imgur.com/VHjkLrf.jpg 03/19 23:15