SCHEDULE 13G
Amendment No. 0
PalEx Incorporated
common stock
Cusip # 696368109
Cusip # 696368109
Item 1: Reporting Person - Fidelity International Limited
Item 4: Bermuda
Item 5: 882,700
Item 6: 0
Item 7: 1,027,900
Item 8: 0
Item 9: 1,027,900
Item 11: 5.246%
Item 12: HC
Cusip # 696368109
Item 1: Reporting Person - Edward C. Johnson 3d
Item 4: United States of America
Item 5: 0
Item 6: 0
Item 7: 1,027,900
Item 8: 0
Item 9: 1,027,900
Item 11: 5.246%
Item 12: IN
Cusip # 696368109
Item 1: Reporting Person - Abigail P. Johnson
Item 4: United States of America
Item 5: 0
Item 6: 0
Item 7: 1,027,900
Item 8: 0
Item 9: 1,027,900
Item 11: 5.246%
Item 12: IN
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(c)
Item 1(a). Name of Issuer:
PalEx Incorporated
Item 1(b). Name of Issuer's Principal Executive Offices:
6829 Flintlock Road
Houston, TX 77040
Item 2(a). Name of Person Filing:
Fidelity International Limited
Item 2(b). Address or Principal Business Office or, if None,
Residence:
Pembroke Hall, 42 Crowlane
Hamilton, Bermuda
Item 2(c). Citizenship:
Not applicable
Item 2(d). Title of Class of Securities:
common stock
Item 2(e). CUSIP Number:
696368109
Item 3. This statement is filed pursuant to Rule 13d-1(c).
Not applicable
Item 4. Ownership
(a) Amount Beneficially Owned:
1,027,900
(b) Percent of Class:
5.246%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
882,700
(ii) shared power to vote or to direct the vote:
0
(iii) sole power to dispose or to direct the
disposition of: 1,027,900
(iv) shared power to dispose or to direct the
disposition of: 0
Item 5. Ownership of Five Percent or Less of a Common Stock.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
Various persons have the right to receive or the
power to direct the receipt of dividends from, or
the proceeds from the sale of, the common stock of
PalEx Incorporated. No one person's interest in the
common stock of PalEx Incorporated is more than five
percent of the total outstanding common stock.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company.
See attached Exhibit(s) A, B.
Item 8. Identification and Classification of Members of the
Group.
Not Applicable. See attached Exhibit A.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to
above were not acquired and are not held for the
purpose of or with the effect of changing or
influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any
transaction having that purpose or effect.
Signature
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this Schedule 13G in connection with
Fidelity International Limited's beneficial
ownership of the common stock of PalEx Incorporated
at February 23, 2000 is true, complete and correct.
February 24, 2000
Date
Signature
Eric D. Roiter
Duly authorized under
Power of Attorney
dated December 30, 1997,
by and on behalf
of Fidelity International
Limited and it
direct and indirect
subsidiaries
EXHIBIT to SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(c)
Pursuant to instructions in Item 7 of Schedule 13G, this
Exhibit has been prepared to identify Fidelity International
Limited, Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda, a
Bermudan joint stock company incorporated for an unlimited
duration by private act of the Bermuda Legislature (FIL) and an
investment adviser to various investment companies (the
"International Funds") and certain institutional investors, as a
beneficial owner of the 1,027,900 shares or 5.246% of the common
stock outstanding of PalEx Incorporated.
Prior to June 30, 1980, FIL was a majority-owned subsidiary
of Fidelity Management & Research Company (Fidelity), a wholly-
owned subsidiary of FMR Corp. On that date, the shares of FIL
held by Fidelity were distributed, as a dividend, to the
shareholders of FMR Corp. FIL currently operates as an entity
independent of FMR Corp. and Fidelity. The International Funds
and FIL's other clients, with the exception of Fidelity and an
affiliated company of Fidelity, are non-U.S. entities.
A partnership controlled by Edward C. Johnson 3d and members
of his family owns shares of FIL voting stock with the right to
cast approximately 39.89% of the total votes which may be cast by
all holders of FIL voting stock. Mr. Johnson 3d is Chairman of
FMR Corp. and FIL. FMR Corp. and FIL are separate and
independent corporate entities, and their Boards of Directors are
generally composed of different individuals. Other than when one
serves as a sub adviser to the other, their investment decisions
are made independently, and their clients are generally different
organizations.
FMR Corp. and Fidelity International Limited are of the view
that they are not acting as a "group" for purposes of Section
13(d) under the Securities Exchange Act of 1934 (the "1934 Act")
and that they are not otherwise required to attribute to each
other the "beneficial ownership" of securities "beneficially
owned" by the other corporation within the meaning of Rule 13d-3
promulgated under the 1934 Act. Therefore, they are of the view
that the shares held by the other corporation need not be
aggregated for purposes of Section 13(d). However, Fidelity
International Limited is making this filing on a voluntary basis
as if all of the shares are beneficially owned by FMR Corp. and
Fidelity International Limited on a joint basis.
FIL has sole dispositive power over 1,027,900 shares owned by
the International Funds. FIL has sole power to vote or direct the
voting of 882,700 shares of common stock held by the
International Funds as reported above.
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(c)
RULE 13d-1(f)(1) AGREEMENT
The undersigned persons, on February 24, 2000, agree and
consent to the joint filing on their behalf of this Schedule 13G
in connection with their beneficial ownership of the common stock
of PalEx Incorporated at February 23, 2000.
Fidelity International Limited
By /s/Eric D. Roiter
Eric D. Roiter
Duly authorized under Power of
Attorney
dated December 30, 1997, by and on
behalf
of Fidelity International Limited
and its direct
and indirect subsidiaries.
Edward C. Johnson 3d
By /s/Eric D. Roiter
Eric D. Roiter
Duly authorized under Power of
Attorney
dated December 30, 1997, by and on
behalf
of Edward C. Johnson 3d.
Abigail P. Johnson
By /s/Eric D. Roiter
Eric D. Roiter
Duly authorized under Power of
Attorney
dated December 30, 1997, by and on
behalf
of Abigail P. Johnson.
