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Israel's Granite Hacarmel Investments and Ampal-American Israel Corporation (AMPL) , which holds 20.2% of Granite Hacarmel's stock, are discussing a merger of their real estate holdings.

The jointly owned corporation would be equally owned by the two companies.

If the merger takes place, Granite Hacarmel will reorganize. For now the company insists that talks are in early stages.

Ampal has been focusing on high tech and reducing its nontech and real estate investments. In compliance with this policy Ampal two weeks ago announced the sale of a Manhattan office building for $33 million. The deal is expected to be final before spring. Ampal will report capital gains of $8.7 million for this quarter on the deal.

In March, Ampal's stock traded at $35. It closed yesterday at $6.

It owns 25% of cellular operator

MIRS Communications

and has interests in






(CGEN) - Get Free Report




and some 20 start-ups.

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