Wall Street is buzzing this morning with news that Credit Suisse First Boston is laying down $11.5 billion to purchase Donaldson, Lufkin & Jenrette. According to reports, a marriage of the two would deliver to DLJ a previously elusive global reach while closing the competitive gap between CSFB and major rivals Morgan Stanley Dean Witter and Goldman Sachs.

The buy, which breaks down to $90 per share, would flip DLJ from AXA SA of Paris, which holds roughly 70%, and do so at roughly three times the book value. The inflated price is being attributed to the interest in DLJ expressed by various competitors, such as Lehman Brothers.

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