Credit Suisse general meeting approves acquisition of DLJ
Shareholders of the Credit Suisse financial group on Friday cleared the way for the purchase of the United States investment bank, Donaldson, Lufkin and Jenrette (DLJ) in a cash and stock deal worth an estimated SFr19.7 billion($11.39 billion).
A large majority of shareholders voted for an increase of authorised capital of up to SFr600 million ($347), or 30 million registered shares, to pay for the equity portion of the deal.
Shareholders also voted to create conditional capital of a maximum SFr240 million to buy shares to back an existing option plan for DLJ employees.
Some shareholders voiced doubts about the project, citing the high price.
CS chairman and chief executive officer, Lukas Mühlemann, told them: “The price is high but I think what we are getting is in good relation to what we are paying.”
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