By Adria Calatayud


The European Union's executive arm has granted UBS Group AG and Credit Suisse Group AG a exemption from their obligation to not move forward with their proposed merger either before its notification or clearance.

The European Commission--the EU's antitrust enforcer--granted a derogation from the "standstill" obligation upon request of UBS and Credit Suisse, a spokeswoman said Wednesday.

The commission found that the requirements for a derogation were met and approved it Tuesday subject to conditions, the spokeswoman said.

EU merger rules require companies to wait to implement a merger that might affect competition until either it is notified or it has been declared compatible with the EU market.

The news was earlier reported by Reuters.

UBS agreed to acquire Credit Suisse on March 19 for more than $3 billion with financial support from the Swiss government and the Swiss National Bank.


Write to Adria Calatayud at adria.calatayud@dowjones.com


(END) Dow Jones Newswires

04-05-23 0445ET