REXNORD &lt;REX> TO REDEEM RIGHTS

  Rexnord Inc said it will redeem
  all of its preferred stock purchase rights for 10 cts a right
  effective today.
      Rexnord said the rights will be redeemed because it is
  expected its shares will be tendered under a January 30
  takeover offer from Banner Acquisition Corp. The rights trade
  in tandem with Rexnord's common stock.
  

