Credit Suisse shares crater 63% and UBS drops 13% after takeover deal
dropped nearly 14% after the latter secured a 3 billion Swiss franc "emergency rescue" of its embattled domestic rival.
The combined bank will be a massive lender, with more than $5 trillion in total invested assets and "sustainable value opportunities," UBS said in a release late on Sunday. "We have structured a transaction which will preserve the value left in the business while limiting our downside exposure," he added in a statement. "Acquiring Credit Suisse's capabilities in wealth, asset management and Swiss universal banking will augment UBS's strategy of growing its capital-light businesses."
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