C-Cube Message Board - Msg: 11157611

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Technology Stocks : C-Cube

CUBE 36.42

+1.1%

Dec 11 3:59 PM EST

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To: BillyG who wrote (44474)	9/3/1999 5:47:00 PM
From: BillyG	Read Replies (2) of 50808

There goes STM's stock price........ France, Italy to lose control of STMicroelectronics A service of Semiconductor Business News, CMP Media Inc. Story posted 2:30 p.m. EST/11:30 a.m., PST, 9/3/99 By Peter Clarke ST. GENIS POUILLY, France ( ChipWire/EET) -- STMicroelectronics is ready to make a public offering of 28.6 million shares, the sale of which would remove control of the company from the French and Italian governments. Only 2.6 million new shares are being created; the remaining 26 million shares are being put up for sale by ST Holding, which is jointly owned by French and Italian holding companies, which are in turn owned by state-owned institutions. At present about 44% of STM shares are owned by the public and traded on the New York Stock Exchange, the Paris Bourse and the Italian stock exchange in Milan. If all the shares in the forthcoming offer are purchased, the French and Italian governments' ownership of STM will be reduced to about 42%. The share offer comes three months after STM announced a poison pill defense that could be invoked to thwart any hostile takeover bid for the company.

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