Chairman Axel Lehmann mentioned the merger represents the “greatest obtainable final result.”

Bern, Switzerland:

UBS will take over stricken rival Swiss financial institution Credit score Suisse for “a merger consideration of three billion Swiss francs”, ($3.24 billion), Credit score Suisse mentioned in an announcement Sunday following intense talks in Bern.

“All shareholders of Credit score Suisse will obtain one share in UBS for 22.48 shares in Credit score Suisse as merger consideration. This change ratio displays a merger consideration of three billion Swiss francs for all shares in Credit score Suisse,” the troubled financial institution mentioned, with chairman Axel Lehmann including: “Given current extraordinary and unprecedented circumstances, the introduced merger represents one of the best obtainable final result.”

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