UBS - Jack Ma's Ant Group Beats Citadel In Bid For Credit Suisse's China Unit: Report | Benzinga
Ant Group Co has reportedly outbid Citadel Securities LLC for the acquisition of Credit Suisse‘s investment bank venture in China. This unexpected development is expected to undergo strict regulatory scrutiny.
What Happened: Ant Group, a fintech giant backed by Jack Ma, has emerged as the top bidder for Credit Suisse’s China unit, Bloomberg reported on Sunday, citing sources familiar with the matter. The proposed acquisition, aimed at establishing a securities business using Credit Suisse’s operations, will face intense regulatory review due to China’s preference for a foreign buyer.
This preference poses a challenge for UBS Gr (NYSE:UBS), the current owner of Credit Suisse. UBS must now choose between Ant’s higher local bid and Citadel’s lower offer, which is more likely to secure government approval. Negotiations are ongoing, and additional bidders may still enter the competition.
UBS did not immediately respond to Benzinga's request for comment. Ant Group declined to comment.
UBS is facing challenges in attracting interest from ...