Short is sweet for Swiss with Sfr1.2bn UBS share sale profit
The Swiss government on Thursday became the first country in Europe to make a profitable exit from its stake in a once-stricken bank when it raised Sfr5.48bn from an accelerated bookbuild of its UBS shares. The sale removed the large overhang of stock, which along with the announcement of details of the settlement of the Swiss/US tax dispute, led to a 4.96% run-up of the shares after pricing — a huge vote of confidence in the institution after such a large bookbuild.
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