BANNER <BNR> COMPLETES TENDER FOR REXNORD <REX>
Banner Industries Inc said 19.8 mln of
the outstanding 20 mln shares in Rexnord Inc were tendered
pursuant to its 26.25 dlr a share offer that closed at midnight
EST Feb 27.
    Together with the five mln Rexnard shares it already owns,
the company said it now holds a 97 pct stake in the company.
    It said the completion of the deal is subject to approval
by Rexnard holders and to other closing conditions. It expects
the deal to close in about 60 days.
 Reuter
