Swiss Vote Against UBS Deal Could Be Binding, Legal Experts Say
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The Swiss parliamentary vote last week against state guarantees for UBS Group AG’s takeover of Credit Suisse Group AG may prove more than just symbolic, some legal experts have told the Swiss media.
The government has argued that no matter the outcome of the vote, the state’s 109 billion francs ($122 billion) in guarantees for UBS to takeover Credit Suisse are binding. The government says that’s because a small number of lawmakers — the financial delegation — gave their approval at the time the deal was negotiated in March.