This week ahead || 20 Mar - 24 Mar 2023
UBS is set to acquire rival Swiss bank Credit Suisse in a deal valued at over $2 billion. Get the latest scoop here.
NEWS
UBS close to finalizing deal to buy Credit Suisse -source
UBS is close to finalizing a deal to buy rival Swiss bank Credit Suisse, a source familiar with the matter said on Sunday.
The deal is valued at more than $2 billion, after UBS increased its offer, the Financial Times earlier reported. The Credit Suisse chair declined to comment when reached on his cell phone.
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Fed decision, banking fallout, and Credit Suisse: What to know this week
On Wednesday, the Fed will announce its latest monetary policy decision at 2 p.m. ET, with Fed Chair Jerome Powell set to follow this announcement with a press conference at 2:30 p.m. ET. Alongside its policy decision, the Fed will also publish updated forecasts for inflation, unemployment, economic growth, and interest rates for the balance of this year and beyond.
Read about it here.
5 big deal reports: UBS offers to snap up Credit Suisse for $1 billion | Pro Recap
Seagen (NASDAQ:SGEN) shares jumped more than 14% on Monday after it was announced that Pfizer (NYSE:PFE) has entered into a definitive merger agreement to acquire Seagen for $43 billion or $229 per share. The acquisition, which is set to become Pfizer's largest acquisition since 2009, is aimed at helping the company offset the decline in sales of its COVID-19 vaccines. The deal is expected to be completed in late 2023 or early 2024, subject to customary closing conditions.
Read about it here.
Buffett's Berkshire Hathaway speeds up stock buybacks
Warren Buffett's Berkshire Hathaway (NYSE:BRKa) Inc has stepped up its pace of stock buybacks, repurchasing more than $1.8 billion of its own stock this year.
In its proxy filing on Friday, Berkshire said that as of March 8 it had the equivalent of 1,455,698 Class A shares outstanding, down 4,035 from year end and 2,537 from Feb. 13, reflecting the repurchases.
Berkshire's repurchases have also included Class B shares, which normally cost about 1/1500th as much as Class A shares.
Read about it here.