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UBS Buying Credit Suisse for More Than $2 Billion: “Is a Bailout”

UBS has agreed to buy Credit Suisse for more than $2 billion. Back in 2007, Credit Suisse had a market cap over $90 billion. It closed last Friday with a market cap of around $5 billion. Credit Suisse shareholders will get 1 UBS share for every 22.48 shares.

UBS’s deal to take over Credit Suisse “is a bailout,” says Bloomberg Opinion contributor Mohamed El-Erian. The Swiss government has said “the bankruptcy of a global systematically important bank would have caused irreparable economic turmoil.”

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