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.
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