ZURICH (dpa-AFX) - UBS AG (UBS) and the Swiss Government have signed a Loss Protection Agreement or LPA, through which the Government will bear potential realized losses upon the completion of the acquisition of Credit Suisse Group (CS).
The acquisition is expected to be completed as early as June 12.
With this, the Government guarantees losses of up to CHF 9 billion, if realized on a designated portfolio of Credit Suisse non-core assets once UBS bears the first CHF 5 billion of any realized losses.
The LPA will remain in effect until the realization of all assets covered by the guarantee, or until it is terminated by UBS.
On June 5, UBS said it is expecting to complete the acquisition of CS as early as June 12.
Upon completion, Credit Suisse shares and ADS will be delisted from the SIX Swiss Exchange and New York Stock Exchanges.
Post transaction, CS shareholders will receive one UBS share for every 22.48 outstanding shares held.
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