April 9, 2015 / 2:50 PM / 5 years ago

Jefferies to sell most of Bache futures business to Societe Generale

April 9 (Reuters) - Investment bank Jefferies Group LLC , owned by Leucadia National Corp, said it will sell most of Bache unit’s futures business to Societe Generale .

Jefferies said in December it was in talks to sell the unit, which has been struggling with high costs and falling fees.

Jefferies’ move reverses a push into commodities that started with its $430 million purchase of Prudential Bache in 2011. Bache is one of the world’s oldest commodities futures brokers.

The transaction will result in a one-time after-tax cost of about $66 million, Jefferies said on Thursday.

Jefferies, which cut about 20 jobs in its commodities futures brokerage in New York and Chicago last month, said it expects the deal to close in the second quarter of 2015.

Jefferies also said it bought Faros Trading LLC, the institutional foreign exchange brokerage unit of retail currency broker FXCM Inc.

Leucadia shares were down 0.4 percent at $22.80 on Thursday on the New York Stock Exchange. Societe Generale’s shares were slightly up at 46.54 euros in Paris. (Reporting by Avik Das in Bengaluru; Editing by Don Sebastian)

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