OUR Credit Suisse rejects takeover bid for UBS, Bloomberg News reported shortly after the Financial Times reported that UBS Group had offered up to $1 billion.

Bloomberg News writes about this, citing people familiar with the case. Credit Suisse opposes the proposal because it believes the amount is too small and would be detrimental to the bank’s shareholders and employees. who have shares in the company that will be the last to be paid out after a possible bankruptcy (deferred shares).

According to the Financial Times, Switzerland’s largest bank UBS Group AG offered to buy Credit Suisse for up to billion dollars however, the Swiss government plans to change the country’s law to bypass shareholder voting on the deal.

Switzerland’s largest bank, UBS, is under pressure from authorities to complete its takeover of rival Credit Suisse today in hopes of avoiding a crash and spreading market panic tomorrow, Monday.

It is also noted that, on her part, Bank of England told its international partners and UBS that it would support the proposed acquisition of Credit Suisse, according to UK network Sky News.

Sources familiar with the talks told Reuters yesterday that UBS is seeking government guarantees worth about $6 billion for a possible acquisition of Credit Suisse.

The guarantees will cover the costs of liquidating parts of Credit Suisse and possible legal fees, sources told Reuters.

In the meantime, the Federation of Swiss Bankers has applied call for the immediate creation of a task force to address the risk of job losses at Credit Suisse.

“There is a huge stake for the approximately 17,000 employees of Credit Suisse in Switzerland and therefore for our national economy,” he stressed.

Negotiations to resolve the crisis of confidence Credit Suisse faced serious obstacles. If UBS acquires it, it could result in 10,000 job losses, Reuters reported.

Source: Bloomberg News, APE-MPE, Reuters and Financial Times.