SECURITIES

Equitable May Offer Shares in Securities Unit: The New York-based insurance company may sell as much as $400 million of Donaldson Lufkin & Jenrette Securities Corp. shares, representing a 20% stake in the Wall Street firm, people familiar with the company said. That would value all of DLJ at about $2 billion. Equitable Cos. has weighed the sale of DLJ in part or in full for at least three years. The company said a public spinoff of DLJ “would serve the dual purpose of unlocking and demonstrating hidden value on Equitable’s balance sheet, while at the same time creating new management incentives in the form of direct equity ownership.”