SASV Challenges UBS Takeover Price in Zurich Commercial Court

The Swiss Investor Protection Association (SASV) has submitted an amendment to the Commercial Court of Zurich following a December 2024 report by the Parliamentary Investigation Commission (PUK). The report addresses issues surrounding the Credit Suisse crisis and supports SASV's claim regarding the UBS's takeover price for Credit Suisse.

The PUK report indicates that the CHF 3 billion paid by UBS was set without an objective evaluation and was excessively low. It highlights that UBS influenced Credit Suisse's Board to accept this price, overlooking their recognition of the undervaluation and potential CHF 30 billion earnings for UBS from the acquisition.

The report further reveals that UBS anticipated significant profits post-merger, yet was unwilling to share these with Credit Suisse shareholders. Additionally, UBS assumed going concern values, indicating confidence in Credit Suisse's financial stability post-merger.

Moreover, UBS waived a CHF 9 billion federal guarantee shortly after the merger, underscoring the perceived financial robustness of Credit Suisse. The PUK highlighted that the Swiss federal authorities were aware that the rights of Credit Suisse shareholders were compromised, allowing for potential legal remedies under the Merger Act.