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Investor Cevian joins UBS. The Swedish investment company purchased 1.3 percent of the shares worth 1.2 billion euros. Cevian sees significant value growth potential in UBS following the acquisition of Credit Suisse (CS), according to a statement released on Tuesday. Cevian co-founder Lars Förberg is quoted as saying that the board and management team have done an excellent job of integrating CS.
Since its acquisition, UBS has become the largest global asset manager with a unique market position and financial strength. According to Förberg, if the valuation gap with US bank Morgan Stanley is closed (at twice the tangible book value), UBS stock will be worth 50 francs.
The previous evening, the shares of the large bank closed at 25.35 francs on the stock exchange. This means that they have recorded a huge increase of 47 percent in the year that is about to end. Last Friday, they reached a multi-year high of 26.28 francs. It hasn’t been this expensive in 15 years. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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