November 12, 2012, 8:36 PM UTC

Leucadia National Corp. (NYSE: LUK) has agreed to acquire Jefferies Group (NYSE: JEF), in an all-stock deal valued at approximately $3.6 billion. Leucadia already holds around a 28.6% stake in Jefferies, whose shareholders will receive 0.81 of a Leucadia share for each of their shares. The deal is expected to close in Q1 2013. Jefferies CEO Richard Handler will become CEO of Leucadia, while current Leucadia boss Ian Cumming will retire but remain on the combined company’s board of directors. www.jefferies.com

Julius Baer has agreed to acquire a 19.9% stake in Italian money manager Kairos Investment Management, for an undisclosed amount. www.juliusbaer.com

The Blackstone Group has cut its stake in Deutsche Telekom from 4.44% in early August to 2.93% in a November 6 filing. www.blackstone.com

Precision Castparts (NYSE:PCP) has agreed to acquire Titanium Metals Corp. (NYSE: TIE), a Dallas-based maker of titanium melted and mill products, for approximately $2.9 billion, or $16.50 per share (42.6% premium to Friday’s closing price). Sellers include Texas billionaire Harold Simmons.www.timet.com

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