Credit Suisse Group has confirmed that it will buy Donaldson, Lufkin & Jenrette (DLJ) for $11.5bn (€12.8bn) in cash and stock. The price tag will involve Credit Suisse paying a 36% premium to DLJ's closing price on Monday, or about $90 a share.

DLJ's investment banking business will be integrated into Credit Suisse First Boston. The deal will make Credit Suisse one of the world's largest securities firms, allowing it to forge its way to become one of the main players in international investment banking.

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Credit Suisse to buy DLJ for $11.5bn

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