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.
World’s Growing Civil Unrest Has an Insurance Sting 
Experian Launches Insurance Marketplace App on ChatGPT 
Jury Finds Johnson & Johnson Liable for Cancer in Latest Talc Trial 
Former Broker, Co-Defendant Sentenced to 20 Years in Fraudulent ACA Sign-Ups 
