UBS offers up to $1 billion for Credit Suisse in race to save bank: FT

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Reuters UK

By Stefania Spezzati, Oliver Hirt and John O’Donnell (Reuters) – UBS Group AG has offered to buy Credit Suisse for up to $1 billion, with the Swiss government planning to change the country’s laws to bypass a shareholder vote on the transaction, the Financial Times reported on Sunday. Credit Suisse and UBS declined to comment, and the Swiss government did not immediately respond to a request for comment. However, Bloomberg News, citing people with knowledge of the matter, said Credit Suisse was resisting the offer, believing it to be too low and that it would hurt shareholders and employees wh…

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