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Jefferies takeover comes with zero staff cuts

If you listen to enough takeover conference calls, you inevitably grow tired of hearing about proposed synergies. So it’s refreshing that they’re not even a consideration in Leucadia National Corp.’s $2.8-billion (U.S.) acquisition of investment bank Jefferies Group Inc.

“That’s not remotely what this is about,” said Brian Friedman, chairman of Jefferies’ executive committee. “There’s no cost elimination or overhead reduction or anything else expected or intended.”