PARIS (Reuters) – European Union antitrust authorities will decide on UBS’ planned takeover of fellow Swiss bank Credit Suisse by June 7, the European Commission said in a statement.
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.
(Reporting by Foo Yun Chee; Writing by GV De Clercq; Editing by Marine Strauss)