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We report on Brillouin light scattering investigations of the elastic properties in Co/Ni superlattices which exhibit localized electronic eigenstates near the Fermi level causing an oscillation of the resistivity as a function of the superlattice periodicity A. No oscillations of the Rayleigh and Sezawa mode as a function of A could be observed within an error margin of +- 2% indicating that the localized electronic states do not contribute to the elastic constants.