State Street spokesperson says company ‘will not respond’ to report about buying Credit Suisse

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State Street Corp. STT, -4.68% said the company is “not going to to respond” to a report in Swiss publication Inside Paradeplaz that it’s planning a bid to buy Credit Suisse AG CG, -1.77% CSGN, +3.79%. “As we have previously discussed, we are focused on our pending acquisition of Brown Brothers Harriman’s Investors Services business,” according to a statement emailed to MarketWatch. U.S.-listed shares of Credit Suisse fell 0.6% in afternoon trades, after rising earlier in the session. Jefferies analyst Ken Usdin reiterated a buy rating on State Street and said the acquisition appears to be “highly unlikely” based on capital levels and State Street’s pending deal for Brown Brothers Harriman’s Investors Services. Usdin also cited “CS’s plethora of ongoing legal/business challenges” as a reason why such a deal would be unlikely. Shares of State Street fell 5.7% on Wednesday.

This article was originally published by Marketwatch.com. Read the original article here.

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