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Business news briefs

Business news briefs
From wire reports Published: November 13, 2012

In brief

Leucadia buys bank group

Leucadia National will buy investment banking firm Jefferies Group for about $2.8 billion in stock in a deal executives said Monday would better position both companies for growth. The deal will make Jefferies the largest business for a diversified holding company with more than $9 billion in assets, ranging from lumber and plastics manufacturers, energy production facilities and an oil and gas contract driller to medical product developers, a hotel and casino, wineries and other real estate interests. Leucadia held a 28.6 percent stake in Jefferies, which will continue to operate as a full-service investment banking firm. After the deal closes, 35.3 percent of Leucadia's stock will be owned by Jefferies Group Inc. stockholders.

Oil price dips again Monday

The price of oil dipped Monday as global economic news took a backseat to uncertainty about the looming “fiscal cliff” in the U.S. A mix of tax hikes and government spending cuts will take effect Jan. 1 unless President Barack Obama and Congress can reach a compromise. Benchmark oil fell 50 cents to $85.57 per barrel. At the pump, the national average price for gasoline fell less than a penny overnight to $3.437 per gallon, AAA, Wright Express and the Oil Price Information Service reported. That's nearly 37 cents less than a month ago and about a half-cent above a year ago.

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