News Summary: Leucadia buying Jefferies Group

THE DEAL: Leucadia National Corp. is buying the investment banking firm Jefferies Group Inc. for about $2.8 billion in stock in a deal executives said Monday would better position both companies for growth in the years ahead.

THE BUYER: Leucadia is 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. Jefferies will be its largest business.

LEADERSHIP CHANGE: Jefferies Chairman and CEO Richard Handler will become the CEO of Leucadia. Leucadia Chairman and CEO Ian Cumming will retire but remain on the board. Leucadia President Joseph Steinberg will become chairman.