UBS Group AG has offered to buy Credit Suisse for up to $US1 billion ($1.5 billion), with the Swiss government planning to change the country’s laws to bypass a shareholder vote on the transaction, the Financial Times reports.
Credit Suisse and UBS declined to comment and the Swiss government did not immediately respond to a request for comment on Sunday.
However, Bloomberg News, citing people with knowledge of the matter, said Credit Suisse was resisting the offer, believing it to be too low and that it would hurt shareholders and employees who have deferred stock.
