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Politics : Formerly About Applied Materials

AMAT 259.15

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To: StanX Long who wrote (62111)	3/14/2002 10:22:05 PM
From: StanX Long	Read Replies (1) of 70976

Taiwan Raises $440 Mln Selling 1.8% of Chipmaker UMC in U.S. By Paul Scanlon quote.bloomberg.com Taiwan, March 15 (Bloomberg) -- Taiwan sold 1.8 percent of United Microelectronics Corp. for $440 million, the first such sale since the company's U.S. debut in September 2000, according to documents obtained by Bloomberg News. The government sold American depositary receipts of the world's second-largest maker of chips for other companies for $9.25 each, according to listing documents. That's a 5.1 percent discount to Wednesday's closing price for the ADRs. Each of the 47.5 million ADRs sold represents five ordinary shares. Investors placed orders for twice the number offered, a banker involved in the sale said. Morgan Stanley Dean Witter & Co. and ABN Amro Holding NV helped arrange the sale. The National Stabilization Fund, a state-run share-buying body set up to support Taiwan's stock market, held the stock backing the ADRs sold last night. By selling ADRs, which have enjoyed an average 32 percent premium to the underlying shares for the past 12 months, the government can take a bigger profit on shares it bought.

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