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ORBITAL ENGINE US$100 MILLION AMERICAN DEPOSITARY SHARE OFFERING

 ORBITAL ENGINE US$100 MILLION AMERICAN DEPOSITARY SHARE OFFERING
 PERTH, Australia, Dec. 4 /PRNewswire/ -- Orbital Engine Corporation Limited ("Orbital") announced today its initial public offering in the United States of 3.4 million American Depositary Shares (ADS) representing 27.2 million ordinary shares at a price of $30.92 per ADS. Orbital will be listed on the New York Stock Exchange with the symbol "OE".
 The net proceeds of approximately $100 million will provide Orbital with $85 million and the Broken Hill Proprietary Company Limited, Orbital's largest shareholder, will receive $15 million from the sale of a small portion of its shareholding in Orbital. Proceeds from the offering will be used primarily to advance the prospect, timing and rate of commercial production of the company's proprietary internal combustion engine technologies. The offering is managed by Merrill Lynch & Co., S.G. Warburg & Co., Inc., and Kidder, Peabody & Co. Incorporated.
 Orbital is an Australian technology company specializing in proprietary internal combustion engine technologies primarily related to two-stroke engines. Orbital's aim is to achieve, through its licensees, significant market penetration for engines incorporating its technology in its principal target markets, which are the markets for automobile, marine, motorcycle, industrial and small utility engines. Orbital has license agreements with General Motors Corporation, Ford Motor Company, Fiat Auto Company, Outboard Marine Corporation (marine engines), Brunswick Corporation (marine engines), Bajaj Auto Limited (small motorcycle engines) and Piaggio & V.E.S.p.A. (small motorcycle engines).
 A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from Merrill Lynch & Co., World Financial Center, North Tower, New York, N.Y. 10281-1305; S.G. Warburg & Co., Inc., the Equitable Center, 787 Seventh Ave., New York, N.Y. 10019; and Kidder, Peabody & Co. Incorporated, 10 Hanover Square, New York, N.Y. 10005.
 -0- 12/4/91
 /CONTACT: Kevin Skelton, 212-449-7796, or John Jensen, 212-449-6571, both of Merrill Lynch/
 (OE) CO: Orbital Engine Corporation Limited; Merrill Lynch & Co., Inc ST: IN: AUT SU: OFR


SM-JT -- NY080 -- 9359 12/04/91 16:24 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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