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Started By
Message
re: Swiss Government Just Stole All The Saudis Interest In Credit Suisse
Posted on 3/19/23 at 7:09 pm to Catchfalaya
Posted on 3/19/23 at 7:09 pm to Catchfalaya
quote:
Swiss government just broke the rules and forced UBS to buy Credit Suisse. No shareholder vote was held at all (Saudis own 9.8% of Credit Suisse) so expect the Saudis to be FURIOUS tomorrow.
Since when did buying another company require a shareholder vote? Like never.
Board, yes. That could happen in a matter of hours.
Posted on 3/19/23 at 8:11 pm to GetmorewithLes
It’s UBS that needed shareholder approval to buy Credit Suisse, not the other way around.
But the Swiss government circumvented their own law to get this deal done before the markets open Monday.
This is fine, everything is fine. Changing Swiss banking laws on a Sunday so the largest bank can acquire the 2nd largest bank at a more than 50% discount should not be alarming or cause any panic.
But the Swiss government circumvented their own law to get this deal done before the markets open Monday.
quote:LINK
The Swiss government is also expected to speed the deal up by waiving the six-week waiting period normally required before a merger, according to the New York Times, and Swiss authorities are not requiring UBS to get shareholder approval.
This is fine, everything is fine. Changing Swiss banking laws on a Sunday so the largest bank can acquire the 2nd largest bank at a more than 50% discount should not be alarming or cause any panic.
Posted on 3/19/23 at 9:23 pm to GetmorewithLes
quote:
Since when did buying another company require a shareholder vote? Like never. Board, yes. That could happen in a matter of hours.
For once, I see we have an informed poster on this board.
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