AXA Closes Sale of DLJ to CSFB

November 6, 2000

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.

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