Jefferies To Put 18 Percent Of ITG On the Block In Public Offering

AUTOMATED TRADING

JEFFERIES & Co. parent Jefferies Group Inc. announced last week that the brokerage firm intends to sell to the public an 18 percent stake in its Investment Technology Group Inc. (ITG) automated stock trading subsidiary--at a proposed price of $12 to $14 a share. The offering, which still awaits approval from the Securities and Exchange Commission, will be underwritten by Alex. Brown & Sons Inc., Furman Selz Inc. and Jefferies & Co.

At that cost, sources say ITG has a potential market value of

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