By as early as June 12 2023, UBS anticipates having acquired Credit Suisse and the takeover to be over. Credit Suisse Group will be integrated into UBS Group at that stage.
The registration statement, which covers the shares to be delivered, must be approved by the US Securities and Exchange Commission before completion may take place, and additional closing conditions must be satisfied or waived by UBS.
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The New York Stock Exchange (NYSE) and SIX Swiss Exchange (SIX) will delist Credit Suisse shares and American Depositary Shares (ADS) once the process is complete.
In exchange for each 22.48 outstanding shares held by Credit Suisse shareholders, they will receive one UBS share.
Charges may apply for the trading of Credit Suisse ADS.
The debt securities that Credit Suisse Group was previously obligated to pay will now be owed by UBS Group.
Additional information on individual securities concerns will be given in investor notices released in due course by the appropriate stock exchanges, notably the SIX Swiss Exchange’s Official Notices page and, for some notes, the Depository Trust Company (DTC).
Earlier last month, UBS detailed its new operational model and leadership team, marking a key milestone in the two firms’ integration.
Once the acquisition has been achieved, Ulrich Körner, the current CEO of Credit Suisse, will join the UBS group executive board.
He will use his experience in both organisations to keep Credit Suisse operating and focused on clients, as well as to help with the merger process.
Following the acquisition, Todd Tuckner will take over as group chief financial officer. He has been with UBS since 2004 and is currently the CFO and head of global wealth management business performance and risk management.
Following the completion of the deal, Credit Suisse executive board members and permanent guests who are division and function heads will report to both their respective UBS executive board members and Ulrich Körner.
