Update (1500ET): We finally have a deal, and what was at first a CHF1 BN acquisition priceof Credit Suisse by UBS, which then rose to CHF 2 BN, has now cranked up one final time to CHF 3BN (US$3.25 billion), or 0.76 per share, specifically shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse. As part of the deal, the Swiss National Bank is offering a 100 billion-franc liquidity assistance to UBS while the government is granting a 9 billion-franc guarantee for potential losses from assets UBS is taking over, i.

Credit Suisse and UBS have entered into a merger agreement on Sunday following the intervention of the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA (FINMA). UBS will be the surviving entity upon closing of the merger transaction. Under the terms of the merger agreement all shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse.

UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion following urgent talks today.

The banking giant will pay more than 0.50 francs ($0.5401) a share in its own stock, far below Credit Suisse's closing price of 1.86 francs on Friday, FT reported, citing sources.

The Swiss National Bank has agreed to offer a $100 billion liquidity line to Credit Suisse as part of the deal, the FT added, citing two people familiar with the matter.

European Parliament Member Mislav Kolakusic delivered a fiery speech this week slamming the global Covid vaccine rollout as a massive failure.

“We are witnessing the burning of billions of doses of the so-called Covid vaccines around the world that no one wants anymore,” he told the European Union. “Billions of euros of taxpayers’ money are being burned and nobody asked the citizens anything when those vaccines were bought. No one asked for a permit, not even us representatives who were elected by the citizens to protect their health and their property.”

Pfizer is trying to sell the EU Covid vaccines that it never makes or ships. That sounds like a crap deal. How did that come about? Oh right, Ursula von der Leyen's texts message inside deal. The terms of that deal will get extended unless something is done about it and many EU states are pushing back so that something can be done about it.