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Conversion: The Equitable completed conversion from a mutual insurance company to one owned by stockholders, a move its chairman said would strengthen finances and set an example for others. The troubled insurance giant`s announcement capped a 19-month-long process that saw the sale of 50 million shares of common stock at $9 a share. The deal also converts a $1 billion investment in the insurer made last year by the French insurance group Axa S.A. into stock.
