UBS Credit Suisse buys stocks News

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European stocks were lower in early trade as investors weighed in on a news-filled weekend that resulted in the acquisition of Credit Suisse by UPS.

The Stoxx 600 index was down 1.4% at 8:30 a.m. London time, with major bourses and all sectors baring losses.

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Stoxx 600 Index.

An hour ago

Credit Suisse fell 62% in pre-market trading by Julius Baer

Credit Suisse shares fell 61.95% in pre-market trade via private bank Julius Baer, ​​Reuters reported at 8:14 a.m. CET, following news of the former lender’s acquisition by UBS.

UBS Group shares lost 7.1%.

Credit Suisse is suspending trading of its shares until the Swiss market opens at 9:00 a.m. CET. Still haven’t done so.

“With the acquisition of Credit Suisse by UBS, a solution has been found to safeguard financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said of the deal over the weekend.

Credit Suisse shares fell 25.5% last week.

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Credit Suisse Share Price

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UBS buys Credit Suisse in $3.2 billion acquisition

UBS has finalized a deal to buy rival Credit Suisse for $3.2 billion. Swiss regulators played a key role in facilitating the deal in an effort to mitigate the contagion threatening the banking sector.

Credit Suisse’s shares fell last week after its biggest investor, the Saudi National Bank, declined to provide additional funding. Despite subsequent moves by Credit Suisse and Swiss regulators to allay investor fears 50 billion Swiss francs ($54 billion) including debt Shares fell 25.5% over the weekend.

Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares. According to UBS, the combined bank will have $5 trillion in invested assets.

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