Dundee subsidiary proposes merger

Dundee Bancorp (TSE) says its wholly owned U.S. subsidiary Dundee Bancorp International has proposed a merger with Avalon Corp. and Zemex Corp. whereby Avalon and Zemex would become subsidiaries of Dundee Bancorp International.

Dundee Bancorp International owns about 83% of Avalon, an oil and gas company. Avalon, in turn, owns about 43% of Zemex, a North Carolina company whose main businesses are ferrous and non-

ferrous metal powders,

non-metallic minerals and tin ores. Avalon and Zemex are both listed on the New York Stock Exchange.