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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 15045 / September 16, 1996

SECURITIES AND EXCHANGE COMMISSION v. CERTAIN PURCHASERS OF CALL
OPTIONS OF DURACELL INTERNATIONAL, INC., Civil Action No. 96 Civ.
7017 (SAS) (S.D.N.Y.) (filed September 16, 1996)

     On September 16, 1996, the Commission filed a civil
complaint in the United States District Court for the Southern
District of New York against certain purchasers ("defendants") of
call options of Duracell International, Inc.  The complaint
alleges that the defendants engaged in illegal insider trading
prior to the public announcement on September 12, 1996 of a
merger agreement between Duracell International and The Gillette
Co., thereby violating Section 10(b) of the Securities Exchange
Act of 1934 and Rule 10b-5 thereunder.  The Commission is seeking
injunctive relief, disgorgement, and civil penalties.

     The complaint alleges that the defendants purchased "out of
the money" September call options on September 10 and 11, 1996. 
In particular, the complaint alleges that the defendants
purchased a total of 1100 September 50 call options and 600
September 55 call options on those two days.  The trades were
allegedly conducted through foreign financial institutions in a
manner that concealed the beneficial owners of the trades.  The
complaint alleges that the defendants' trading resulted in
profits of approximately $950,000.

     Simultaneously with filing the complaint, the Commission
applied to the court for an order temporarily freezing the assets
in the defendants' accounts attributable to the trading in
Duracell call options, requiring the defendants to identify
themselves, allowing expedited discovery, and granting other
relief.

     The Commission wishes to acknowledge the assistance of the
American Stock Exchange.