Elron Electronic Industries Ltd. (ELRN: chart) disclosed the completion of a new investment of about $7 million in Israel-based BrainsGate Ltd., a developer of implantable medical devices to treat various central nervous system related diseases. Elron said it would hold 20% of BrainsGate, on a fully diluted basis, after the investment.

Impala Platinum Holdings Ltd., Dynatec Corp. and Sumitomo Corp. revealed that Dynatec and Sumitomo have entered into a deal, confirmed by Implats, in which Sumitomo would buy a 25% interest in the Ambatovy Nickel Project in Madagascar.

Yahoo! Inc. (YHOO: chart) and Alibaba.com disclosed a definitive agreement to form a long-term strategic partnership in China. Under the terms of the agreement, Yahoo! would contribute its Yahoo! China business to Alibaba.com and both companies would work together in an exclusive partnership to grow the Yahoo! brand in China. In addition, Yahoo! noted that it is investing $1 billion in cash to purchase Alibaba.com shares from the company and other shareholders. The deal allows Yahoo! to hold about 40% economic interest with 35% voting rights in Alibaba.com. Yahoo said the overall transaction is valued at more than $4 billion. The transaction is seen to end in 4Q of 2005.

OTHER NEWS

In European economic news, the European Commission said that it expects euro area GDP growth of 0.2% to 0.6% in the third quarter and 0.4% to 0.8% in the fourth quarter. The Commission said that the acceleration in growth reflects the impact of a decline in the value of the euro on exports.