Credit Suisse Agrees To CHF3bn Takeover By Rival Swiss Bank UBS

Swiss bank Credit Suisse will be taken over by its rival UBS after a frantic last-ditch deal to prevent a catastrophic banking collapse.

A weekend of high drama ended with UBS agreeing to buy Credit Suisse for CHF3 billion ($3.2 billion). This values Credit Suisse at CHF0.76 per share, well below its CHF1.86 closing price...