Activist investor Cevian has acquired a 1.3% stake, worth €1.2 billion (CHF1.14 billion), in the Swiss bank UBS. This makes the Swedish investment firm one of the bank’s ten largest investors.
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Cevian sees significant potential for value appreciation at UBS following the takeover of Credit Suisse, as detailed in a press release issued on Tuesday. Cevian co-founder Lars Förberg was quoted as saying that the Board of Directors and the management team had done an excellent job in integrating Credit Suisse.
Since the takeover, UBS has become the largest global asset manager with a unique market position and financial strength. If the valuation gap to the US bank Morgan Stanley (with twice the price to tangible book value) is closed, UBS shares would be worth CHF50 ($57), according to Förberg.
The evening before, the big bank’s shares closed at CHF25.35 on the stock exchange. This means that they are up a full 47% in a year that will soon come to an end. Last Friday, they reached a multi-year high of CHF26.28. They have not been this expensive for over 15 years.
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