BANNER INDUSTRIES INC &lt;BNR> COMPLETES PURCHASE

  Banner Industries Inc said it completed
  the purchase of all Rexnord Inc &lt;REX> common shares for its
  26.25 dlrs per share cash tender offer that ended Feb
  27, 1987.
      The purchase follows Banner receiving earlier today 310 mln
  dlrs under a credit agreement with Citicorp Industries Credit
  Inc and the Bank of Nova Scotia, and an additional 260 mln dlrs
  from offerings made for Banner and its subsidiary through
  Drexel Burnham and Lambert.
      As a result of the tender offer, Banner said it will own
  approximately 96 pct of the outstanding shares of Rexnord. The
  company said a merger of Rexnord and a subsidiary of Banner
  will be completed before mid-May.
  

