UBS Group AG shares fell 8.8% after it agreed to buy Credit Suisse Group AG in a historic, government-brokered deal.
(Bloomberg) — UBS Group AG shares fell 8.8% after it agreed to buy Credit Suisse Group AG in a historic, government-brokered deal.
The Swiss bank is paying 3 billion francs ($3.2 billion) for its rival in an all-share deal, a steep discount to Credit Suisse’s closing price on Friday. Credit Suisse shares declined 62% to 0.7 Swiss francs, below the deal price.
The rout spread to other banks. The Stoxx 600 Banks Index fell 3.4%, wiping out its gains this year.Â
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