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To: Dale Baker who wrote (58661)	2/8/2008 11:50:43 PM
From: Spekulatius	of 118717

Wendel - i wonder how their accounting works, it's certainly not market to market. With their stake in Saint Gobain, they have lost more than 1.2B Euro by my count, that's about 1/3 of Wendel's market cap. this whole Saint Gobain manoever does not make any sense to me, it's too big to be taken over (the French government would not allow so anyways) and the <20% stake is not large enough to really to really pressure their management. Now they are stuck with a passive stake that currently is loosing them a lot of money, and since it's debt financed, they will have some tough conversations with their bankers.

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