UBS AG will buy PaineWebber Group Inc. for $10.8 billion, giving the No. 1 Swiss bank access to millions of wealthy U.S. investors. The deal values PaineWebber, the No. 4 U.S. brokerage, at $73.50 a share, and spurred a rally in PaineWebber shares. The deal would allow PaineWebber access to UBS’s investment banking and money-management services. PaineWebber has remained an independent domestic brokerage firm for 120 years.
Was this article valuable?
Here are more articles you may enjoy.
Acrisure to Buy MGA Vave From Canopius 
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
Man Sentenced for Flashing Three Insurance Agencies in Georgia 
Suit Against OpenAI and Microsoft Blames ChatGPT for Murder-Suicide From This Issue
