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. Test drive cellular for 30 days. 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