Negotiations are continuing against the clock in Switzerland to find a way out for Credit Suisse, with Swiss authorities continuing to pressure UBS to take control of the troubled bank. The last hour of the talks would be located in an offer from UBS to acquire Credit Suisse limited to one billion dollars (930 million euros), as reported by the Financial Times. However, the offer has been rejected by Credit Suisse, with the support of its main shareholder, the Saudi national bank, considering it too low, according to the Bloomberg agency.
The offer would be made solely in shares, at a price of 25 Swiss francs per Credit Suisse share, which is well below the value at the close of the markets on Friday, when it was valued at 1.86 francs per share. action and that already reflected a loss of more than a quarter of its value with respect to the previous week.
The Swiss Executive in full resumed today a meeting that began on Saturday afternoon to discuss the alternatives that are on the table to prevent the bank from continuing to sink on Monday, at the opening of the Zurich Stock Exchange.
The authorities are considering modifying the legislation to avoid a vote by UBS shareholders in relation to this transaction, which according to all analysts should be announced today.
Other media outlets have indicated that UBS is requesting that the Swiss Confederation participate with financing for this possible operation in view of the costs that would be involved in liquidating some Credit Suisse business units and eventual legal proceedings in the country or in other jurisdictions.
The Association of Swiss Bank Employees has regretted that all these negotiations are being carried out in the greatest secrecy. No public instance, nor the banks involved, have wanted to make any public comment on the future of Credit Suisse.
Credit Suisse employs more than 50,000 people in the world, of which 17,000 are in Switzerland, a workforce that may suffer the consequences of a sale with the consequent reduction in staff.
