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Technology Stocks : MRV Communications (MRVC) opinions? -- Ignore unavailable to you. Want to Upgrade?

To: Greg h2o who wrote (24465)	9/26/2000 5:04:38 PM
From: delmarbill	Respond to of 42804

Thanks Greg, I needed that!

To: Greg h2o who wrote (24465)	9/26/2000 8:30:25 PM
From: signist	Read Replies (1) \| Respond to of 42804

UPDATE 1-Corning in talks to buy Pirelli unit--sources (previous LONDON, recasts, adds details throughout) NEW YORK, Sept 26 (Reuters) - Corning Inc. , the high-flying fiber optics company that has undergone a huge transformation, is in talks to buy part of the fiber-optics telecommunications business of Italian cable company Pirelli for about $3.5 billion in cash, sources familiar with the situation said on Tuesday. The deal, which may be announced on Wednesday morning in Italy, would come just two months after Corning, N.Y.-based Corning ended complex talks to buy an optical components business from Canadian company Nortel Networks Corp. Corning declined comment. Shares of Corning rose 1-3/4 on Tuesday to close at $322-7/8 on the New York Stock Exchange. The stock has gained more than 150 percent so far this year. A purchase of the Pirelli assets would give Corning additional production facilities and expand its reach into Europe at a time of exploding demand for its products. "It's perfect -- it gives Corning a manufacturing facility in Europe and lets Pirelli shed more non-core businesses," said one industry analyst who declined to be identified. Pirelli, which also is a big maker of tires, last December agreed to sell its optical networking business to Cisco Systems Inc. for more than $2 billion. The electronic edition of the Wall Street Journal first reported the Corning-Pirelli talks earlier on Tuesday, pegging the price at more than $3 billion. Citing people close to the talks, the Journal said the board of Pirelli was meeting late on Tuesday. Like other makers of telecommunications equipment, Corning has been struggling to keep up with exploding customer demand for equipment that transmits voice and data traffic at high speeds. The company has been working to increase its manufacturing capacity and expand its product mix. Corning has transformed itself from a company best known for ceramic baking dishes into a Wall Street darling that spins glass fibers into the backbone of the Internet. Chairman and Chief Executive Roger Ackerman has been credited for much of the overhaul that has seen the company sell non-core units and begin a buying spree. The glass strands made by Corning allow the high-speed transmission of data, voice and Internet traffic. Corning has about 50 percent of the world market for the fiber, which is used in cable, according to Wall Street analysts. "Corning has been on the prowl for acquisitions. They've come to realise that in order to protect themselves from being acquired that they need to acquire more bulk themselves," the industry analyst said. Earlier on Tuesday, trading in Pirelli shares was suspended pending a statement from the company. A Pirelli spokesman said he had no comment about the timing of an announcement or whether group board meetings were being held. Trading was also halted in all securities of cables and tire company Pirelli SpA , its controlling company Pirelli & C and in Camfin , a holding company of Pirelli Chairman and Chief Executive Marco Tronchetti Provera.