Following discussions initiated jointly by the Swiss Federal Department of Finance, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank, UBS has entered into an all-share transaction for the acquisition of 100% of Credit Suisse. Under the terms of such transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares. The combination will further strengthen UBS's position as the leading Swiss-based global wealth manager (with more than CHF 3.1 trillion of assets under management) and reinforce its standing as the leading universal bank in Switzerland. In order to facilitate a timely implementation of the transaction, the Swiss Federal Council has decided that it would not be subject to shareholder approval by enacting an emergency ordinance to that effect. 

Bär & Karrer acts as legal advisor to UBS in this transaction. The team is led by Rolf Watter and includes Martin Anderson, Cédric Chapuis, Vera Naegeli, Shu Zhang and Marie-Cristine Kaptan (all Corporate / M&A), Frédéric Bétrisey, Peter Hsu, Daniel Flühmann and Vera Waldburger (all Regulatory), Mani Reinert and Tim Meyer (Merger Control), Susanne Schreiber, Martin Leu and Alessia Suter (all Tax), Nadja Jaisli and Pascal Hachem (both Litigation) as well as Laura Widmer (Employment).