UBS Group mentioned it expects to finish the acquisition of its Swiss counterpart Credit score Suisse Group as early as June 12.
Following the completion of the Credit score Suisse CSGN promotion,
and American Depository Shares CS,
might be delisted from the SIX Swiss Alternate and the New York Inventory Alternate, UBS UBS,
UBSG,
mentioned in a press release on Monday.
If the acquisition is accomplished earlier than the beginning of buying and selling within the US on June 12, Credit score Suisse might be delisted in New York on June 12 and in Switzerland on June 13, in accordance with UBS.
If the deal closes after the opening of US buying and selling on June 12, delisting on the NYSE and SIX will happen on June 13, UBS added.
UBS, which gained European Union approval to take over Credit score Suisse final month, mentioned Credit score Suisse shareholders would obtain one UBS share for each 22.48 excellent shares and that it will take over all of the belongings and liabilities of Credit score Suisse Group.
Credit score Suisse Group’s excellent debt obligations will change into UBS’s obligations, he added.
UBS agreed to take over Credit score Suisse in an emergency measure in March to shore up the troubled lender and restore confidence within the international banking system.
E-mail Pierre Bertrand at pierre.bertrand@wsj.com
