UBS takes over Credit Suisse in move to calm the markets

AFP, BERN, Switzerland :
UBS is set to take over its troubled Swiss rival Credit Suisse for $3.25 billion following weekend crunch talks aimed at stopping the stricken bank from triggering a wider international banking crisis.
The deal, in which Switzerland’s biggest bank will take over the second largest, was vital to prevent economic turmoil from spreading throughout the country and beyond, the Swiss government said.
The move was welcomed in Washington, Frankfurt and London as one that would support financial stability, after a week of turbulence following the collapse of two US banks. After a dramatic day of talks at the finance ministry in Bern — and with the clock ticking towards the markets reopening on Monday — the takeover was announced at a press conference.