UBS shares rise 4.3 percent on takeover rumors

By Associated Press
June 24, 2008
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Shares in UBS AG rose by up to 4.3 percent Tuesday on rumors of a possible takeover of the Swiss bank and the announcement it is buying a Dutch wealth management company.

UBS shares reached 14.25 euros ($22.11) after hitting a low of 13.26 euros ($20.58) Monday, their lowest since 1998, according to online bank Swissquote.

Shares closed 3.35 percent higher on the Zurich exchange at $21.91 (14.07 euros) Tuesday.

Traders in Zurich said the bargain price and rumors of a takeover bid by British rival HSBC Holdings spurred buying.

UBS also announced Tuesday it is buying Amsterdam-based VermogensGroep for an undisclosed sum. The firm manages billions of euros for rich clients.
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