Ex-Qwest CEO Said to Be Advising Leucadia
Leucadia National Corp., which has expressed interest in buying at least half of MCI Inc., has ties to former Qwest Communications International Inc. Chief Executive Joseph P. Nacchio, who is reportedly advising the holding company.
Leucadia gave Nacchio a 5% stake last year in a communications company it bought, ATX Communications Inc., regulatory filings show.
MCI disclosed this week that Leucadia told regulators it was seeking antitrust clearance to buy more than 50% of MCI’s stock for an estimated $2.8 billion. The Wall Street Journal cited unidentified sources as saying Nacchio was advising Leucadia.
Leucadia refused to comment.
MCI shares had surged 17% after the Leucadia bid was announced, and closed up 13 cents to $16.93 on Nasdaq.
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