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Credit Suisse shares close slightly higher on final trading day


ZURICH (Reuters) – Credit Suisse shares closed 1% higher at 0.81 Swiss francs ($0.89) on Monday, their last trading day after the stricken bank’s takeover by Swiss rival UBS.

Under the terms of the 3 billion franc all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they held.

Credit Suisse shares have lost 86% in value over the last 12 months after the lender was hit was a collapse in customer confidence, necessitating a state-orchestrated rescue by its larger Swiss peer.

The final price underlines a massive collapse in value at Credit Suisse. In 2007 its shares had traded at 81 francs, 100 times their final price.

The bank, which was founded in 1856, played a central role in the history and development of Switzerland, after it was set up to finance the country’s railways, will now be merged into UBS Group.

($1 = 0.9096 Swiss francs)

(Reporting by John Revill; Editing by Toby Chopra)

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