Credit Suisse faces potential takeover from State Street - reports

For CHF 9 per share

Credit Suisse is reportedly facing a takeover bid from US financial group State Street.

The potential bid was first reported yesterday by Swiss newsblog Inside Paradeplatz, which cited an "insider in Zurich" claiming State Street was planning an "imminent" and "friendly" takeover of Credit Suisse. The bid reportedly valued Credit Suisse at CHF 9 (£7.35) per share, 34% above the bank's current share price of CHF 6.72 (£5.48). This would value Credit Suisse at CHF 23bn (£18.8bn), which is close to State Street's current valuation of $25.3bn (£20.2bn). The reports from Inside Paradeplatz noted that Credit Suisse "would probably become a subsidiary of State Street, with a...