Swiss Authorities Rush to Bypass Shareholder Vote in UBS-Credit Suisse Deal

In a surprise move, Swiss authorities are rushing to change the laws that require shareholder approval for major corporate mergers and acquisitions. This comes as UBS has offered $1 billion to buy Credit Suisse before Monday. The proposed deal is raising serious concerns among shareholders of both companies, who fear that their interests will be disregarded in favor of the wealthy banking institutions. Many are worried that this move could lead to a monopoly in the Swiss banking sector, with one large institution controlling most of the country’s financial assets. The government has been quick to assure citizens that their best interests will be taken into consideration during this process. However, critics have argued that it is impossible for them to make an informed decision without knowing all of the details of the proposed merger. Furthermore, they argue that any changes made to existing laws should not be done hastily and without due diligence. In addition, many experts are questioning why such drastic measures need to be taken in order for UBS and Credit Suisse to complete their deal by Monday. They suggest that if there was enough time for negotiations between the two companies, then there should also be enough time for proper legal procedures to take place as well. At this point it remains unclear what will happen next with regards to this proposed merger between UBS and Credit Suisse. The government’s haste in attempting to bypass shareholder vote has raised eyebrows among many people who worry about how these changes could affect their investments and savings accounts going forward.