OCTOBERFEST AT
ERHARD BMW

Business

Danone, Elite
Poised To Deal

ON THE LAST OF THE 1997

Jerusalem (JPFS) — Danone SA,
France's largest food company, and
Elite Industries of Israel are close to
forming a strategic alliance.
Senior sources at Danone said that
both companies are expected to
announce soon the establishment of a
jointly owned subsidiary to produce
and market candies and confectionery.
Elite said earlier this year that it
was holding negotiations with
Danone on the selling of its candy
division.

Jointly owned
subsidiary.

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ERHARD BMW

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10/24
1997

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The two companies would form a
subsidiary in which the French corn-
pany would hold 20 percent. While
Danone would not acquire control, it
would be given options to purchase
holdings of up to 50 percent. It is
widely believed that the new company
would be valued at $200 million, with
Danone paying $40 million for its
stake. A spokesman for Elite, Israel's
largest chocolate and sweets manufac-
turer and second largest food and bev-
erages manufacturer, said the compa-
ny is negotiating with several big
multinational concerns, including
Danone, but no deal has been signed
yet.
The Danone deal is in line with
Michael Strauss's business strategy.
The Strauss family, which complet-
ed a takeover of Elite in June, owns
Nahariya's Strauss Dairy, Israel's lead-
ing ice cream manufacturer.
The Elite-Danone deal is based on
a similar deal completed in February,

in which Strauss Dairy sold a 20 per-
cent stake to Danone for $56 million.

Scitex Wins
Emmy Award

Jerusalem (jPPS) — Scitex Digital
Video, a subsidiary of Herzliya-based
Scitex Corp., recently became the first

Israeli entity to win an Emmy Award,

when it received the prize for its latest
video editing technology.
"The Emmy is a singular achieve-
ment that says to the world that
Scitex Digital Video is leading the