AXA Financial, the U.S. subsidiary of France’s AXA Group, announced that it had completed the sale of its investment bank unit, Donaldson, Lufkin & Jenrette to Credit Suisse First Boston. There were no surprises. AXA Financial received approximately $2.3 billion in cash and around 25 million shares of CSFB for the 88.6 million shares, 70 percent stake, it held in DLJ.
The remaining minority shareholders have been offered a straight cash buyout of $90 per share. CSFB has also undertaken to repurchase $1.2 billion worth of its shares acquired by AXA Financial.
Topics AXA XL
Was this article valuable?
Here are more articles you may enjoy.
Fire at Pennsylvania Hospital Forces Evacuation of Dozens of Patients 
Uber Jury Awards $8.5 Million Damages in Sexual Assault Case 
Inside the Toxic Legacy of Georgia-Based Mulitbillion-Dollar Carpet Empire 
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
