UBS agrees to buy Credit Suisse, doubles its offer

UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday. UBS Group AG has been in emergency talks to buy the fellow Swiss banking giant as authorities bid to stave off turmoil when markets reopen on Monday. Earlier, reports said that UBS has offered to pay up to $1 billion.
However, Credit Suisse, believed that the offer is too low and would hurt shareholders and employees who have deferred stock, people with knowledge of the matter told Bloomberg.