It probably decides that a recalculation is in order after it has
changed a link; that will recalc the UDFs in appropriate circumstances.

I would suggest getting Workbook_Open to call the link-changing
procedure after the other workbook open actions have completed

Workbook_Open does
Application.OnTime Now, "LinkChanger"
and
Sub LinkChanger() in a normal module does what Workbook_Open used to
do.

Bill Manville
MVP - Microsoft Excel, Oxford, England
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