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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant? -- Ignore unavailable to you. Want to Upgrade?

To: Michael Dunn who wrote (4364)	5/8/1999 12:05:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 4697

Michael, quite strange that VEBA would increase its position to 70% of WFR just to jettison that investment so soon thereafter. Either they think in term of a year or more and hope that they can get much more than the $7/share or so, or they knows something about WFR's condition which is not very good. I was just going to start and turn warmer to ward WFR because of what seems to be a turnaround in the pacific foundry's business where WFR is relatively strong and where they have, I believe some excess capacity that can be put to immediate and profitable use. I'll have to wait and see, apparently. Zeev

To: Michael Dunn who wrote (4364)	5/8/1999 1:40:00 PM
From: John Cuthbertson	Respond to of 4697

Re: VEBA plans to sell of it's stake in WFR At the moment, I don't think I would necessarily read too much into this. It seems likely that VEBA now holds a bigger stake in MEMC than they had wanted to for the long term, because of the necessity of providing MEMC with financing to make it through this trough of the cycle, and to a probably smaller than hoped-for response to the rights offering. It would therefore not be surprising that they would desire in some time frame to reduce their holding back down to the level that they had originally planned for. Doesn't this seem like a reasonable reading of their situation? ==John Cuthbertson