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Under the deal being discussed, UBS would only keep parts of Credit Suisse’s investment bank that fill gaps either geographically or in certain product areas where UBS lacks a presence. UBS Group AG has offered to buy rival Credit Suisse for around $1 billion in a deal engineered by Swiss regulators to restore trust in the banking system, according to people familiar with the matter. One option would involve buying the entirety of Credit Suisse and then spinning off its local Swiss operations into an independent entity, the people said. UBS would keep Credit Suisse’s valuable wealth-management business.

The Swiss government said it would provide more than $9 billion to backstop some losses that UBS may incur in the deal. UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system. The deal between the twin pillars of Swiss finance is the first megamerger of systemically important global banks since the 2008 financial crisis when institutions across the banking landscape were carved up and matched with rivals, often at the behest of regulators.

UBS has long been seen as part of any state-backed solution for Credit Suisse. UBS Group AG is nearing a deal to take over Credit Suisse Group AG, part of an urgent effort engineered by Swiss and global authorities to restore trust in the banking system, people familiar with the situation said. The deal could come together Sunday if not sooner, the people said. Regulators have offered to waive a requirement for customary shareholder votes to expedite the sale, one of the people said. The discussions were fast-moving and a remaining sticking point was the status of who will own Credit Suisse’s substantial Swiss retail arm, the people said.

The biggest banks in the U.S., including JPMorgan Chase & Co., are discussing a joint rescue of First Republic Bank that could include a sizable capital infusion to shore up the beleaguered lender, people familiar with the matter said. JPMorgan is working with Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. to provide a lifeline to First Republic, the people said. Others involved include Morgan Stanley and Goldman Sachs Group Inc. as well as U.S. Bancorp and PNC Financial Services Group Inc., the people said.

The biggest banks in the U.S. swooped in to rescue First Republic Bank with a flood of cash totaling $30 billion, in an effort to stop a spreading panic following a pair of recent bank failures. The bank’s executives came together in recent days to formulate the plan, discussing it with Treasury Secretary Janet Yellen and other officials and regulators in Washington, D.C., people familiar with the matter said.

Eleven banks have deposited $30 billion in First Republic Bank , according to a joint statement from the heads of the Treasury, Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the federal officials said.

☆ President Biden Addresses Turmoil in the U.S. Banking System
▼ + stars: | 2023-03-13 | by ( ) www.wsj.com time to read: 1 min

What Does the Silicon Valley Bank Failure Mean? Silicon Valley Bank collapsed on Friday, becoming the largest bank to fail since the 2008 financial crisis. On Sunday, regulators took control of Signature Bank and rolled out emergency measures to prevent a banking crisis and guarantee depositors access to their money. Join the Journal’s Banking Editor Marie Beaudette for a conversation with former FDIC Chair Sheila Bair, followed by a roundtable with Wall Street and Financial Industry Bureau Chief Dana Cimilluca and reporter Rolfe Winkler about the bank failures, subsequent regulatory action and what this all means for the tech sector and overall health of the U.S. economy.

☆ “Everything Everywhere All at Once” Wins Big at the Oscars
▼ + stars: | 2023-03-13 | by ( ) www.wsj.com time to read: 1 min

Shares of SVB Financial, parent of Silicon Valley Bank, have declined sharply. SVB Financial Group is seeking a buyer after the beleaguered Silicon Valley lender scrapped a plan to shore up its finances through a capital raise, according to people familiar with the matter. Facing widespread customer withdrawals that have raised questions about its ability to stay in business, the bank’s shares have declined sharply since Thursday, falling as much as 68% in premarket trading before the stock was halted.

Silicon Valley Bank collapsed Friday in the second-biggest bank failure in U.S. history after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital. The Federal Deposit Insurance Corp. said it has taken control of the bank via a new entity it created called the Deposit Insurance National Bank of Santa Clara. All of the bank’s deposits have been transferred to the new bank, the regulator said.

Amgen Inc. has agreed to acquire Horizon Therapeutics PLC in an all-cash deal valued at $27.8 billion, marking the largest healthcare merger of the year. Under the terms of the deal, which was first reported by The Wall Street Journal, Amgen will pay $116.50 for each Horizon share owned. The offer was equal to a premium of 19.7% over the stock’s closing price Friday at $97.29.

Amgen Inc. is in advanced talks to buy drug company Horizon Therapeutics PLC, according to people familiar with the matter, in a takeover likely to be valued at well over $20 billion and mark the largest healthcare merger of the year. The U.S. biotechnology company was the last of three suitors standing in an auction for Horizon, the people said, after French drugmaker Sanofi SA said Sunday it was out of the running.

☆ Gucci Owner Kering in Advanced Talks to Acquire Tom Ford, Sources Say
▼ + stars: | 2022-11-03 | by ( Lauren Thomas | Dana Cimilluca | ) www.wsj.com time to read: 1 min

Fashion from the Tom Ford collection was modeled during Fashion Week in New York. French luxury giant Kering SA is in advanced discussions to buy fashion brand Tom Ford, according to people familiar with the matter. Kering has been competing for closely held Tom Ford with rivals including Estée Lauder Cos., but the French company appears to be the front-runner now and a deal could be reached soon, according to the people.

Rupert Murdoch built an empire over several decades, turning an Australian newspaper company into a global business. Rupert Murdoch has proposed a recombination of Fox and News Corp the two wings of his media empire, nearly a decade after they split, according to people familiar with the situation. Special board committees have recently been established by both companies to study a possible deal and evaluate potential financial terms, the people said. The discussions are at an early stage, they added.

☆ Nutanix Explores Sale After Receiving Takeover Interest
▼ + stars: | 2022-10-14 | by ( Dana Cimilluca | Cara Lombardo | ) www.wsj.com time to read: 1 min

Nutanix specializes in cloud services for businesses, a once-hot area that investors have soured on. Cloud-computing company Nutanix is exploring a sale after receiving takeover interest, according to people familiar with the matter. The company is expected to target private-equity and industry players, the people said.

☆ Humana, CVS Circle Cano Health as Potential Buyers
▼ + stars: | 2022-09-22 | by ( Laura Cooper | Dana Cimilluca | ) www.wsj.com time to read: 1 min

Humana has a right of first refusal on any Cano sale, part of an agreement that was originally struck in 2019. Humana and CVS Health are circling Cano Health according to people familiar with the situation, as healthcare heavyweights scramble to snap up primary-care providers. The talks are serious and a deal to purchase Cano could be struck in the next several weeks, assuming the negotiations don’t fall apart, some of the people said. Cano shares, which had been down nearly 7%, turned positive and closed up 32% after The Wall Street Journal reported on the talks with Humana and other unnamed parties, giving the company a market value of roughly $4 billion.

☆ Humana, Other Potential Buyers Circle Cano Health
▼ + stars: | 2022-09-22 | by ( Laura Cooper | Dana Cimilluca | ) www.wsj.com time to read: 1 min

Humana has a right of first refusal on any Cano sale, part of an agreement that was originally struck in 2019. Humana and other possible buyers are circling Cano Health according to people familiar with the situation, as healthcare heavyweights scramble to snap up primary-care providers. The talks are serious and a deal to purchase Cano could be struck in the next several weeks, assuming the negotiations don’t fall apart, some of the people said.Cano shares, which had been down nearly 7%, turned positive and were up 42% after The Wall Street Journal reported on the talks, giving the company a market value of nearly $5 billion.

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