6/5, 7:39 AM (Source: TeleTrader)
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UBS: Credit Suisse deal to materialize on June 12

UBS Group AG revealed on Monday that it expects to finalize the acquisition of Credit Suisse Group AG as early as June 12.

The final date for the completion of the merger depends on closing conditions, including those set by the United States Securities and Exchange Commission (SEC), while Credit Suisse shares from the SIX Swiss Exchange and American Depositary Shares (ADS) at the New York Stock Exchange (NYSE) will be delisted after the acquisition materializes, UBS explained.

"Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares held. The exchange of Credit Suisse ADS may be subject to certain fees. Credit Suisse Group AG's obligations under its outstanding debt securities will become obligations of UBS Group AG," UBS also specified.

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