2023-06-05 05:13:09
Zurich (awp) – UBS announced on Monday that it expects to finalize the takeover of its former competitor Credit Suisse (CS) on June 12. The transaction, however, remains subject to the registration statement declared valid by the United States Securities and Exchange Authority (SEC) and the satisfaction or waiver by UBS of “other remaining closing conditions”, according to the terms of the press release. .
After closing, Credit Suisse shares and American certificates of deposit (ADS) will be delisted from the Zurich (SIX) and New York (NYSE) exchanges. As noted when the landmark transaction was announced in March, shareholders of the two-veiled bank will receive one security from its three-key counterpart for every 22.48 shares held. The exchange of ADS may meanwhile “be subject to certain fees”.
In a separate statement, CS said that if the transaction closes before the opening of trading on Wall Street on June 12, the delisting in New York will take place the same day and that in Zurich the following day. Otherwise, the delisting on both platforms will take place on June 13.
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