UBS Acquires Credit Suisse; Shares Plunge 60%

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On Monday shares of Credit Suisse fell 60 percent, a day after rival UBS acquired the troubled bank at a lowball price of 3 billion Swiss francs.  However, gains were seen in European bank stocks and the wider market.  After two U.S. banks collapsed, Swiss regulators orchestrated the purchase to help prevent further turmoil in the global banking system. Analysts are uncertain if the forced bank merger will play out well.  UBS was urged to step in by Swiss authorities after the plan for Credit Suisse to borrow up to 50 billion francs from central bank failed last week.