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

Published 27/04/2023, 14:21
© Reuters. FILE PHOTO: Buildings of Swiss banks UBS and Credit Suisse are seen at Paradeplatz in Zurich, Switzerland March 21, 2023. REUTERS/Denis Balibouse
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PARIS (Reuters) - European Union antitrust authorities will decide on UBS' planned takeover of fellow Swiss bank Credit Suisse (SIX:CSGN) by June 7, the European Commission said in a statement.

© Reuters. FILE PHOTO: Buildings of Swiss banks UBS and Credit Suisse are seen at Paradeplatz in Zurich, Switzerland March 21, 2023. REUTERS/Denis Balibouse

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.

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