EU antitrust ruling on UBS' Credit Suisse takeover due by June 7

Reuters

The Commission's competition policy website showed that UBS filed for approval on April 26, with a provisional deadline for a decision set for June 7

Foo Yun Chee, Reuters News

April 27, 2023

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PARIS - European Union antitrust authorities will decide on UBS' planned takeover of fellow Swiss bank Credit Suisse by June 7, the European Commission said in a statement.

The Commission's competition policy website showed that UBS filed for approval on April 26, with a provisional deadline for a decision set for June 7.

On March 19, UBS agreed to buy rival Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

(Reporting by Foo Yun Chee; Writing by GV De Clercq Editing by Marine Strauss)

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