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Non-Tech : Amati investors

AMTX 1.460

-6.4%

Dec 12 3:59 PM EST

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To: Eric Goethals who wrote (28597)	11/12/1997 9:45:00 AM
From: MangoBoy	of 31386

[ECI denies PairGain merger talks] TEL AVIV, Nov 12 (Reuters) - The president of Israel's ECI Telecom on Wednesday denied a report in an Israeli newspaper that the company was in talks to merge with PairGain Technologies of the United States. "There is no truth to the report," president and chief executive David Rubner told Reuters. The Ha'aretz newspaper reported that ECI had been talking over the past three months with PairGain about the possibility of a merger or acquisition. If carried out, the deal would be the biggest ever between an Israeli and a foreign company, the report said. Rubner said that in the past several years the two companies have talked "on and off, not necessarily on merging but on cooperation." But in the past three months the two companies have not held talks, he added. Rubner said ECI has a special mergers and acquisitions team that is always on the look-out for possible ventures and ECI has engaged in talks with many companies, including competitors. ECI has a market valuation of just over $2.0 billion while PairGain is traded at a value of $1.8 billion. In late July, PairGain shares jumped on market talk that Lucent Technologies (NYSE:LU) was preparing to buy the company. At the time options traders also cited ECI as a possible suitor for PairGain. Both companies make telecommunications equipment. Rubner also denied recent reports that ECI would merge with its Israel's Tadiran Telecommunications (NASDAQ:TTELF), a unit of Tadiran Ltd (TEL:TAD)(NYSE:TAD). Those reports emerged after Claridge Israel, an investment vehicle for Canadian businessman Charles Bronfman, acquired control of Koor Industries (TEL:KOR). Koor is the parent of Tadiran while Claridge owns 10 percent of ECI.

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