UBS has secured a temporary green light from EU antitrust regulators to complete its acquisition of Credit Suisse but will still have to request clearance under EU merger rules, the European Commission said on Tuesday.
but will still have to request clearance under EU merger rules, the European Commission said on Tuesday.
According to European Union merger rules, companies can only complete deals after securing EU antitrust approval or face fines as much as 10% of their aggregate turnover. "Upon request of UBS and Credit Suisse, the Commission has granted a derogation from the standstill obligation on the basis of Article 7 of the EU Merger Regulation," the Commission said in an email to Reuters.
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