The US investment bank Jefferies is set to join a broad stable of investments at Leucadia National that includes the Hard Rock Hotel & Casino in Mississippi and a beef processing company responsible for five billion pounds of live cattle a year.

Jefferies is set to become Leucadia's largest operating subsidiary following an all-stock merger, according to a statement yesterday. Prior to the merger, Leucadia was Jefferies' largest shareholder, owning 29% of the investment bank. Leucadia said yesterday that it may make strategic investments in businesses that are complementary to Jefferies.