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To the issuer for the delisting of the shares; Submit a reasoned application for securities to the Swiss Exchange Regulation (SER), the regulatory body of SIX. Normally, there is a specific preparation period of at least three months for delistings. In acquisitions and mergers, things can move faster. This is also the case with Credit Suisse.
When asked by the AWP news agency, SER spokesperson Hrvoje Tkalcec said that if the requirements are met, the shares could apply for delisting, with the shares trading for the last time on the closing day. Therefore, CS stock may disappear on the Swiss stock exchange only one day after the completion of the acquisition.
UBS must submit the application early enough
However, for this, UBS should have submitted the application in advance, more than five working days ago. Because SER announces the delisting time at least five trading days in advance. Conversion of CS shares to UBS shares must also be done prior to delisting.
If CS shares disappear from the Swiss stock market base, another title will rise to the leading index Swiss Market Index (SMI) instead. The Swiss stock market barometer includes the twenty largest and most liquid stocks.
In the successor race, Kuehne+Nagel is currently leading. According to the latest rankings by exchange operator SIX at the end of March, the logistics company’s securities are in 21st place, well ahead of shares of the next commodity testing group SGS.
SMI is adjusted annually
Kuehne+Nagel has been listed on the Swiss stock exchange since 1964. The fact that they were never promoted to SMI is due to company boss Klaus-Michael Kühne (85). It holds more than half of the shares. However, only public market capitalization is decisive for the index – that is, the proportion of shares traded on the exchange.
Normally, SMI is adjusted only once a year, in September. The ranking list at the end of June is decisive for this regular index adjustment. However, the merger or acquisition of major titles can result in extraordinary adjustments. (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.
