later, the ILA reversed its deci-
sion in reaction to contractors'
strong objections. According to
the winning contractor's bid. the
price of a four-room apartment
in Rishon Lezion will reach
$220,000.
Amos Bar-Am, director-gen-
eral of the Association of Con-
tractors and Builders, said "the
bids ILA received in Rishon
Lezion reflect market prices. The
authority cannot receive a high
price for land and demand con-
tractors to reduce prices. The con-
tractors will not pay record high
prices for land on which they are
expected to build apartments, at
loss-making prices."
The sale of 13 of the 90 cot-
tages available for sale in the Lev
Hasharon Hayarok development
adjacent to Kadima's Build Your
Own Home neighborhood was re-
cently reported. The 550-square-
foot cottages now under
construction each have gardens
of 390-1040 square feet. Prices
range from $218,000 to $290,000.
Denishra International, de-
velopers of the Matan Hayeruka
neighborhood near Kfar Saba,
sold 10 cottages in May. The com-
pany is offering 420-square-foot
cottages for $190,000, 440-
square-foot cottages for $208,000,
and 560-square-foot cottages for
$285,000.
Housing and Development has
started to sell Stage II of the Top
Jerusalem development in Ra-
mat Sharet in Jerusalem. The de-
velopment is situated on over 10
acres, on which 106 apartments
in eight buildings, each three sto-
nes, will be constructed.
The price of a four-room, 416-
square-foot apartment starts at
$288,000 while a four-room, 500-
square-foot apartment is avail-
able for $394,000. The price of
six-room, 700-square-foot pent-
house apartments is $546,000. ❑
Shares Surge
After Merger
Jerusalem — Shares in local area
networking company Lannet
surged 21.3 percent to 23.5 in
New York trading last week af-
ter it announced plans to merge
with Madge, a Dutch-registered
company based in the United
Kingdom and listed in the Unit-
ed States.
The combined group will cre-
ate a $1.1 billion company, the
fifth-largest networking group in
the world.
The companies announced
they have signed a letter of in-
tent for an arrangement where-
by Madge will acquire all of
Lannet's shares.
According to the agreement,
Lannet shares will be exchanged
for new Madge shares at a pur-
chase price of $27.50 per Lannet
share, or about a total of $300
million.
Madge and Lannet are both
engaged in supply of communi-
cations and data equipment.
Madge is a leading supplier of
Token Ring networking technol-
ogy and products, while Lannet
is a leading innovator and
provider of Ethernet-switched
networking solutions.
The company's products are
expected to complement each
other.
Lannet is considered one of the
local high-tech industry's flag-
ship firms.
After the merger, the compa-
ny will maintain its existing key
facilities and continue operations
here as a division of Madge.
The company will operate un-
der the general management of
Shmuel Levy, currently vice pres-
ident of research and develop-
ment at Lannet.
Lannet reported sales of $21.9
million in the first quarter with
a net profit of $2.43 million.
Egypt, Israel Join
In Oil Refinery
Jerusalem — The European In-
vestment Bank (EIB) approved
a $300 million credit for a pro-
jected $1 billion Egyptian-Israeli
oil refinery project near Alexan-
dria, according to Nimrod Novik,
a businessman involved in the
project.
The project, expected to be
completed by the end of the
decade, would be the largest
Arab-Israel joint venture under
way.
According to Mr. Novik, a for-
mer top aide to Foreign Minister
Shimon Peres, the credit was the
highest given to the EIB outside
of the European Union. He said
the oil refinery will serve the
needs of Egypt, Israel and the
Palestinians.
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