FIRST CITY &lt;FCY> SELLS YALE, NUTONE UNITS
  First City Industries Inc
  said it has reached a definitive agreement to sell its Nuton
  and Yale security subsidiaries to Valor PLC for 400 mln dlrs
  and warrants to purchase two mln Valor ordinary shares.
      In addition, the company said it will recieve a special
  dividend of 60 mln dlrs from Nutone and Yale and it has agreed
  to buy 35 mln dlrs of Valor convertible preference shares.
      First City said it is seeking to increase shareholder
  values by improving and realizing the values inherent in its
  operating subsidiaries.
      The company said the transaction is subject to approval by
  shareholders of Valor and is expected to be completed within 40
  days.
      It said Valor has arranged financing through an issue of
  ordinary and convertible preference shares underwritten by
  Hoare Govette Ltd and Barclays de Zoete Wedd Ltd.
      Nutone makes built-in electric products for the housing
  market and Yale makes door locks and electronic security
  products.
      Valor makes home products.
  

