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PaineWebber shareholders endorse UBS takeover

All smiles: UBS boss, Marcel Ospel (left), and PaineWebber chief, Donald B Marron.

(Keystone)

Shareholders of the United States investment bank, PaineWebber, have overwhelmingly approved the proposed takeover by Switzerland's UBS banking group.

In a statement on Tuesday, UBS said its $10.8 billion (SFr19.33 billion) merger with PaineWebber should take effect in early November, following the completion of all necessary regulatory approvals.

UBS said it would publish preliminary third-quarter figures on Thursday, a month earlier than previously announced.

It explained that this was to ensure maximum transparency and clarity for PaineWebber and UBS shareholders during the closing period of the merger.

"I am extremely pleased that such a substantial majority of PaineWebber shareholders has endorsed our merger. I thank the shareholders for their vote of confidence in our plans to create a pre-eminent global investment services firm," said UBS chief executive officer, Marcel Ospel.

swissinfo with agencies


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