UBS near deal to acquire Credit Suisse for $1B, NY Times reports

The Swiss government is close to announcing a deal for UBS (UBS) to buy Credit Suisse (CS) for about $1B, Andrew Ross Sorkin, Michael de la Merced and Maureen Farrell of New York Times report, citing three people with knowledge of the matter. Under the terms of the proposed deal, UBS will pay just a fraction of the roughly $9.5B that Credit Suisse was valued at on Friday, the people said. The Swiss government is expected to allow some financial rules to be bypassed, notably a six-week consultation period with UBS shareholders before any transaction can be approved, the Times adds. Reference Link