Leucadia aims to buy company

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Monday, July 12, 2004 | 9:13 a.m.

NEW YORK -- Leucadia National Corp., a holding company, today said it will seek antitrust clearance from to buy more than 50 percent of the stock in MCI Inc.

New York-based Leucadia notified MCI that it intends to make a filing with the Federal Trade Commission and the Department of Justice to purchase the majority stake, MCI said in a brief news release.

Shares in MCI, which emerged from bankruptcy protection in April, rose 10 percent, or $1.40, to $16 in morning trading on the over-the-counter trading, bringing the total value of all of MCI's outstanding stock to about $5 billion. Shares of Leucadia gained 28 cents to $49.21 in trading on the New York Stock Exchange.

Leucadia is a holding company that owns telecom company WilTel, as well as a plastic manufacturer, a mining company and two high-end wine makers.

Leucadia had $2.03 billion cash and investments at the end of January, according to Standard & Poors.