	banner industries inc bnr completes purchase banner industries inc said it completed the purchase of all rexnord inc rex common shares for its dlrs per share cash tender offer that ended feb the purchase follows banner receiving earlier today mln dlrs under a credit agreement with citicorp industries credit inc and the bank of nova scotia and an additional 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 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 reuter 
