Elbit Systems, Elop Electro-Optics to Merge

HAIFA, Israel, Dec. 23 -- Elbit Systems Ltd. has reported the signing of a merger agreement by Elbit, Elop Electro-Optics Industries Ltd., and shareholders of Elop, including Federmann Enterprises Ltd., Heris Finanz A.G., and Rehovot Instruments Ltd., an Elop subsidiary.
The agreement calls for Federmann Enterprises Ltd. and Heris Finanz A.G. to be issued a total of 12,100,000 ordinary shares as consideration for the merger of Elop into Elbit. These shares will constitute approximately 32.3 percent of the outstanding shares of the company following completion of the merger. The merger is expected to take effect on January 1, 2000.