Arcelor Mittal (MTS)

Me ha encantado tu exposiciòn, de los màs razonable del foro
Muchas gracias por tu anàlisis
Un saludo ohyeah

Los arbitrajes dan lo que dan, y para lo que es bolsa dan poco, el negocio esta en comprar y no arbitrar.
Cuando todo esta cubierto se gana poco porque coges un bono que te da la acción a 3,33 y vendes el CFD a 3,40, ganas y ves como la acción sube a 3,77 y has perdido la subida, eso si esos 7 centimos son un paston si la operación es de un millón de euros, PERO SI ES DE CIEN MIL EUROS sale un resultado de 2000 euros.
Y pongo el ejemplo de como una Caixabank subio de 2,5 a casi 5 euros y arbitrar da lo que da, raro que no digas los chollos de las opas de Jazztel o de Metrovacesa o de Campofrio o Tavex, no hay que arbitrar solo dormir

Te hablo del 2012, cuando había panico a los bonos, y había horquillas increibles entre bonos convertibles y la acción, además de no haber liquidez y ponerte en demanda y cuadno alguien soltaba a mercado en una sucursal de vete a saber donde entrabas con un diferencia brutal, si ponderabas un poco sin hacerte el héroe y luego cubrias, te puedo asegurar que era un chollo, por desgracia ya pasó todo aquello.

Jazztel, metro, campofrio, tavex, no toco los chicharros, no les dedico tiempo, no sé como han ido las opas, la última hice la de abertis, la de 15.70..., si a ti te funcionan, adelante!

Un saludo.

Entre hoy y mañana es posible que veamos un suelo "temporal" en el Ibex. Pongo lo de temporal porque lo del Deutsche no sé por qué me da que va a traer tela marinera. Lo de Lehman Brothers puede quedar en bromita al lado de esto. Con respecto a MTS de momento sigo sin tocar ni para intradia. Si se acerca a la zona de 2,4 - 2,6 a lo mejor me lo pienso.

Un saludo y suerte.

Estamos esperando detalles sobre la ampliación cuando yo creo que casi todos están ya disponibles en el orden del día de la Junta de Accionistas del 10 de marzo:

Agenda and proposed resolutions of the Extraordinary General Meeting
Introduction
On 5th February 2016, the Company announced its intention to increase its capital through a rights issue with
shareholders benefiting from non-statutory preferential subscription rights on terms to be determined by the Company. At
its meeting on 3rd February 2016, the Board of Directors resolved among others and subject to approval by an
extraordinary general meeting of shareholders, to authorise the issue of up to 30,000,000,000 new ordinary shares in the
Company, to cancel the statutory preferential subscription rights of the existing shareholders and to authorise the granting
of preferential subscription rights to existing shareholders on terms to be determined based on market practice and
conditions (the “Announced Rights Issue”). Further details on the Announced Rights Issue can be found on the
Company’s website www.arcelormittal.com under “Investors – Equity Investors – Shareholders’ meetings – Extraordinary
General Meeting 10 March 2016”.
Agenda
1. Reduction of the share capital of the Company without distribution to shareholders in order to reduce the
par value of the shares in the Company to an amount of 10 Euro cents per share.
2. Approval of an authorised share capital of the Company in an amount of EUR 3,199,585,721.30 including
the issued share capital, represented by 31,995,857,213 shares, authorisation of the Board of Directors to
limit or cancel the preferential subscription right of existing shareholders with respect to issues of shares
against payment in cash within the new authorised share capital, with such power not being subject to any
additional limitation in respect of the Announced Rights Issue, but being limited with respect to any other
issue of shares to a number of unissued ordinary shares up to 10% of the shares in issue following the
settlement of the Announced Rights Issue (the “Post Rights Issue Available Shares”), consequential
amendment of articles 5.2 and 5.5 of the articles of association and delegation of power to the Board of
Directors to record, after settlement of the Announced Rights Issue, the reduction of the authorised
unissued share capital to reflect the Post Rights Issue Available Shares.
Background
The proposal to increase the authorised share capital is based on the need:
i) to allow the Company to make the Announced Rights Issue, and
ii) for the Company to have adequate flexibility going forward.
The historical flexibility granted to the Board of Directors to issue ordinary shares with the power to limit or cancel
the preferential subscription rights of existing shareholders was 10% of the issued share capital. The Extraordinary
General Meeting is requested to approve the above mentioned amount of authorised share capital in order to allow the
Company adequate flexibility to structure and size the Announced Rights Issue and to retain adequate flexibility going
forward whilst limiting the portion of the authorised unissued share capital that may be issued by the Board of Directors for
purposes other than the Announced Rights Issue to 10% of the issued share capital following the settlement of the
Announced Rights Issue (including any rump placement).
The proposal is to reduce the par value of the shares in the Company to an amount of 10 Euro cents per share
resulting in a reduction of the share capital of the Company from EUR 7,453,441,006.98 to EUR 180,335,933.80 without
any distribution to shareholders, the balance being allocated to a non-distributable reserve and to amend article 5.1 of the
articles of association of the Company accordingly, to increase the authorised share capital of the Company by EUR
3,000,000,000, to authorise the Board of Directors, during a period of five years from the date of this Extraordinary
General Meeting of shareholders to the fifth anniversary of the date of publication in the Luxembourg official gazette
(Mémorial C) of the minutes of this Extraordinary General Meeting, to issue additional shares in the Company within the
limit of the aforementioned authorised share capital, to authorise the Board of Directors to limit or cancel the preferential
subscription rights of existing shareholders in the event of any increase in the issued share capital up to and including the
authorized share capital set out above, provided the Board of Directors may utilise the aforegoing authorisation to the
fullest extent in connection with the Announced Rights Issue, and that the Board of Directors may further utilise the
aforegoing authorisation for a number of unissued ordinary shares up to 10% of the shares in issue following the
settlement of the Announced Rights Issue, to delegate power to the Board of Directors to record the reduction of the
authorised unissued share capital to reflect the aforementioned number of 10% of the shares following the settlement of
the Announced Rights Issue and to amend article 5.2 and the first two paragraphs of article 5.5 of the articles of
association accordingly.
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The report of the Board of Directors of the Company relating to the proposed increase in the Company’s
authorised share capital and the authorisation to limit or cancel the preferential subscription right of existing shareholders
are available on www.arcelormittal.com under “Investors – Equity Investors – Shareholders’ meetings – Extraordinary
General Meeting 10 March 2016”.
Proposed resolutions
Draft resolution (EGM Resolution 1)
The Extraordinary General Meeting resolves:
to reduce the par value of the existing issued and authorised ordinary shares to 10 Euro cents per share and to
consequently:
(i) reduce the issued share capital of the Company from EUR 7,453,441,006.98 to EUR 180,335,933.80 without
any distribution to shareholders, the balance being allocated to a non-distributable reserve so that article 5.1
of the articles of association shall read as follows:
“5.1. The issued share capital amounts to one hundred eighty million three hundred thirty-five thousand nine
hundred thirty-three Euro and eighty cents (EUR 180,335,933.80). It is represented by one billion eight
hundred three million three hundred fifty-nine thousand three hundred thirty-eight (1,803,359,338) shares
fully paid-up without nominal value.”; and
(ii) reduce the authorised share capital, including the issued share capital, to an amount of EUR 199,585,721,30
represented by 1,995,857,213 ordinary shares without nominal value.
Draft resolution (EGM Resolution 2)
The Extraordinary General Meeting resolves:
(a) to increase the authorised share capital by EUR 3,000,000,000, equivalent to 30,000,000,000 ordinary
shares, so that the Company’s authorised share capital, including the issued share capital, shall amount to EUR
3,199,585,721.30, represented by 31,995,857,213 ordinary shares without nominal value;
(b) to authorise the Board of Directors, during a period of five years from the date of this Extraordinary General
Meeting of shareholders to the fifth anniversary of the date of publication in the Luxembourg official gazette (Mémorial C)
of the minutes of this Extraordinary General Meeting, to issue additional shares in the Company within the limit of the
authorised share capital set out in point (a) of this resolution;
(c) to authorise the Board of Directors to limit or cancel the preferential subscription rights of existing shareholders
in the event of any increase in the issued share capital up to and including the authorized share capital set out in point (a)
of this resolution; provided the Board of Directors may utilise the aforegoing authorisation to the fullest extent in
connection with the Announced Rights Issue, and that the Board may further utilise the aforegoing authorisation for a
number of new unissued ordinary shares up to 10% of the shares in issue following the settlement of the Announced
Rights Issue;
(d) to delegate power to the Board of Directors to record the reduction of the authorised unissued share capital so
that the number of authorised ordinary shares shall exceed the issued shares after settlement of the Announced Rights
Issue by the Post Rights Issue Available Shares; and
(e) to amend article 5.2 and the first two paragraphs of article 5.5 of the articles of association accordingly as set
out below:
“5.2. The Company’s authorised share capital, including the issued share capital, shall amount to three billion one
hundred ninety-nine million five hundred eighty-five thousand seven hundred twenty-one euros and thirty cents (EUR
3,199,585,721.30) represented by thirty-one billion nine hundred ninety-five million eight hundred fifty-seven thousand two
hundred thirteen (31,995,857,213) ordinary shares without nominal value.”
“5.5 The board of directors is authorised, during a period starting on the day of the General Meeting of shareholders
held on 10 March 2016 and ending on the fifth anniversary of the date of publication in the Luxembourg official gazette
(Mémorial C) of the minutes of such General Meeting, without prejudice to any renewals, to increase the issued share
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capital on one or more occasions within the limits of the authorised share capital (i) for the full amount of the authorised
share capital in case of issues of shares with statutory or non-statutory preferential subscription rights for existing
shareholders and/or (ii) for an amount up to 10% of the shares in issue following the settlement of the Announced Rights
Issue referred to in the minutes of such General Meeting.
The board of directors is authorised to determine the conditions of any capital increase including through
contributions in cash or in kind, by the incorporation of reserves, issue premiums or retained earnings, with or without the
issue of new shares, or following the issue and the exercise of subordinated or non-subordinated bonds, convertible into
or repayable by or exchangeable for shares (whether provided in the terms at issue or subsequently provided), or
following the issue of bonds with warrants or other rights to subscribe for shares attached, or through the issue of standalone
warrants or any other instrument carrying an entitlement to, or the right to subscribe for, shares.”
The Extraordinary General Meeting will validly deliberate on all resolutions on its agenda provided that a quorum
of 50% of the Company’s issued share capital is present or represented. The resolutions will be validly adopted by at least
two-thirds of the votes validly cast in favour by the shareholders present or represented. If the aforementioned quorum is
not met, the Extraordinary General Meeting may be reconvened by the Board of Directors and at the reconvened meeting
no quorum will be required. Each ArcelorMittal share is entitled to one vote.
A copy of the documentation related to the Extraordinary General Meeting is available from the date of publication
of this convening notice on the Company’s website www.arcelormittal.com under “Investors – Equity Investors –
Shareholders’ meetings – Extraordinary General Meeting 10 March 2016”. Shareholders may obtain free of charge a hard
copy of the consolidated version of the articles of association of the Company (in English or in abbreviated form in French)
at the Company’s registered office, by calling +352 4792 3198, sending a fax to +352 2648 1995 or to +44 20 7629 7993,
or by making a request by e-mail to [email protected]
Additions of agenda items or tabling of alternative resolutions
One or more shareholders holding together at least 5% of the issued share capital of the Company have the right
to add new items to the agenda of the Extraordinary General Meeting and/or table draft resolutions regarding existing or
new agenda items. Any such request must be received by the Company before 6.00 p.m. Central European Time ("CET")
on 17 February 2016. The request must be made in writing by e-mail (to [email protected]) or postal mail (to
ArcelorMittal, Company Secretary, 24-26, boulevard d’Avranches, L-1160 Luxembourg, G.D. Luxembourg) and must
include either (a) the text of the new agenda item and/or a draft resolution, and a background explanation or (b) an
alternative resolution for an existing agenda item, with a clear identification of the agenda item concerned, the text of the
proposed alternative resolution, and a background explanation. The request must include the name of a contact person
and a contact address (postal address and e-mail) to enable the Company to confirm receipt within 48 hours, and proof
must be provided (in the form of a confirmation issued by a financial intermediary) that the requestor was a shareholder of
the Company on the Record Date (as defined below under “Conditions for personal attendance”).
Ability to ask questions ahead of the Extraordinary General Meeting
Shareholders have the right to ask questions about items on the agenda of the Extraordinary General Meeting
ahead of and during the meeting. The Company will on a best efforts basis provide responses to the questions during the
questions & answers session. Questions must be received by the Company before 6:00 p.m. CET on 3 March 2016.
Questions must be sent by e-mail to: [email protected] and include the shareholder’s full name and address
and a proof of ownership of Company shares as at the Record Date (as defined hereafter) issued by a financial
intermediary.
Extraordinary General Meeting – Attending in person or voting by proxy
Only shareholders who were holders of record of European Shares or New York Shares on the Record Date (as
defined hereafter) are allowed to vote and participate in the Extraordinary General Meeting. The “Record Date” is
defined as 25 February 2016 at midnight (24:00 hours) CET and at 6:00 p.m. (18:00 hours) New York time.
ArcelorMittal’s shares are divided into European Shares and New York Shares. “European Shares” are the
shares directly or indirectly recorded in the Company’s shareholders’ register held in Luxembourg. “New York Shares”
are the shares directly or indirectly recorded in the Company’s shareholders’ register held in New York. The listing agent
for the European Shares is BNP Paribas Securities Services and the listing agent for the New York Shares is Citibank,
N.A. There is no material difference between a European Share and a New York Share and both types of shares give
access to equal rights.
1. Conditions for personal attendance
(i) Holders of shares whose ownership is directly recorded
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Shareholders who own European Shares or New York Shares and whose ownership is directly recorded in their
own name in the Company shareholders’ register should announce their intention to attend and vote at the
Extraordinary General Meeting by completing, signing, dating the participation form available in English, French
and Spanish on request from the Centralisation Agent or the Company’s website www.arcelormittal.com under
“Investors – Equity Investors – Shareholders’ meetings – Extraordinary General Meeting 10 March 2016”, and
sending it to:
- For holders of European Shares on the Record Date:
BNP Paribas Securities Services - Corporate Trust Services
CTS – Assemblée Centralisée
Grands Moulins de Pantin
9, rue du Débarcadère, F-93761 Pantin Cedex, France
Tel.: + 33 1 55 77 95 60; Fax: + 33 1 55 77 95 01
- For holders of New York Shares on the Record Date:
Citibank Shareholder Services
P.O. Box 43077
Providence, Rhode Island 02940-3077, United States of America
Tel.: 1-877-CITI-ADR (toll-free; U.S. only) or + 1-781-575-4555 (international)
e-mail: [email protected]
Holders whose ownership is directly recorded in the Company’s shareholders’ register include current and former
employees holding through the AESOPE plan.
The participation form must be received no later than 7 March 2016 by 5.00 p.m. CET by BNP Paribas Securities
Services for European Shares and 2 March 2016 by 10.00 a.m. New York time by Citibank Shareholder Services
for New York Shares.
(ii) Holders whose ownership is indirectly recorded (shares held in clearing)
The holders of European Shares and New York Shares held in clearing and whose ownership is therefore
considered indirectly recorded in the Company’s shareholders’ register include employees who acquired Company shares
through the ESPP 2008, 2009 or 2010.
Holders of European Shares on the Record Date whose ownership is indirectly recorded, through a clearing
system (e.g. Euroclear), in the Company’s shareholders’ register (including U.S. and Canada residents) and who wish to
attend and vote at the Extraordinary General Meeting in person must ask their financial intermediary (bank, broker or
other financial institution or intermediary) where their shares are on deposit to send a registration certificate to the relevant
Centralisation Agent who must receive it no later than 5.00 p.m. CET on 7 March 2016. The registration certificate must
indicate the identity of the owner of the ArcelorMittal shares, the number of shares registered, and a statement that the
relevant shares were registered in the financial intermediary’s records in the holder’s name on the Record Date. When the
Centralisation Agent has received the registration certificate, an attendance card will be sent to the relevant shareholder.
Holders of New York Shares on the Record Date whose ownership is indirectly recorded, through a clearing
system, in the Company’s New York shareholders’ register and who wish to attend and vote at the Extraordinary General
Meeting in person must have their financial intermediary (bank or other financial institution or intermediary) or its agent
where their shares are on deposit issue a proxy to them. The proxy will confirm that they owned the relevant number of
New York Shares on the Record Date and are authorised to attend and vote at the Extraordinary General Meeting. In
addition to issuing a proxy, the financial intermediary must complete and return a New York Share registration request to
Citibank, which must be received by Citibank no later than 10.00 a.m. New York time on 2 March 2016. The holders of
New York Shares must bring the proxy received from their financial intermediary to the Extraordinary General Meeting;
the proxy will serve as attendance card for the Extraordinary General Meeting.
Holders of European Shares or New York Shares who wish to attend the Extraordinary General Meeting in person
must bring their attendance card and a proof of their identity (in the form of a non-expired identity card or passport) to the
Extraordinary General Meeting. In order for the Extraordinary General Meeting to proceed in a timely and orderly manner,
shareholders are requested to arrive on time. The doors will open at 10.30 a.m. CET and the Extraordinary General
Meeting will start promptly at 11.30 a.m. CET.
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● Holders of European Shares on the Record Date who received them through the ESPP (including U.S. and
Canada residents) and who wish to attend and vote in person must complete, sign and date the participation form or the
proxy form (available in English, French or Spanish) which can be obtained by contacting:
BNP Paribas Securities Services, Corporate Trust Services
CTS – Assemblée Centralisée
Grands Moulins de Pantin
9, rue du Débarcadère
F-93761 Pantin Cedex, France
Tel.: + 33 1 55 77 95 60; Fax: + 33 1 55 77 95 01 or +33 1 40 14 58 90
The forms can also be downloaded from the Company’s website www.arcelormittal.com, under “Investors –
Equity Investors – Shareholders’ meetings – Extraordinary General Meeting 10 March 2016”. The completed, signed and
dated proxy form must be received by the Centralisation Agent no later than 5.00 p.m. CET on 7 March 2016.
2. Conditions for proxy voting or appointing a proxy
(i) European Shares
Holders of European Shares on the Record Date who are unable to attend the Extraordinary General Meeting in
person may give voting instructions to the Company Secretary, Mr. Henk Scheffer, or to any other person designated by
them. In order to give voting instructions to the Company Secretary, holders of European Shares, whose ownership is
directly recorded, must have obtained and delivered to the Centralisation Agent the completed, dated and signed proxy
form described above (see “Conditions for personal attendance”, above) by 5.00 p.m. CET on 7 March 2016.
Holders of European Shares whose ownership is indirectly recorded must have obtained and delivered to their
financial intermediary the completed, dated and signed proxy form described above (see “Conditions for personal
attendance”, above); this financial intermediary will have to provide the relevant Centralising Agent with the proxy form
and the registration certificate by 5.00 p.m. CET on 7 March 2016.
The Company Secretary will vote in accordance with the instructions given by the shareholder in the proxy form.
If no voting instructions are given in the proxy form, the Company Secretary will vote in favour of the resolutions proposed
and supported by the Board of Directors. The registration certificate and the proxy form may be obtained from the relevant
Centralisation Agent. The proxy form can be downloaded in English, French or Spanish from www.arcelormittal.com
under “Investors – Equity Investors – Shareholders’ meetings – Extraordinary General Meeting 10 March 2016”.
Holders of European Shares who wish to revoke their proxy may do so by timely delivering a properly executed
later-dated proxy to the relevant Centralisation Agent no later than 5.00 p.m. CET on 7 March 2016, or by attending and
voting in person at the Extraordinary General Meeting.
(ii) New York Shares
Holders of New York Shares on the Record Date who are unable to attend the Extraordinary General Meeting in
person must follow the voting procedures and instructions received from their financial intermediary or, as the case may
be, its procedures on changing or revoking voting instructions. Attending the Extraordinary General Meeting without voting
will not revoke the proxy.
Persons designated as a proxy by holders of European Shares or New York Shares on the Record Date and who wish to
attend the Extraordinary General Meeting in person must bring their proxy card and a proof of their identity (in the form of
a non-expired identity card or a passport) to the Extraordinary General Meeting. In order for the Extraordinary General
Meeting to proceed in a timely and orderly manner, proxy holders are requested to arrive on time. The doors will open at
10.30 a.m. CET and the Extraordinary General Meeting will start promptly at 11.30 a.m. CET.

ok, però entonces no seria major vender todo al precio actual y con el dinero que nos den ahora, comprar luego a 0,10??? Algo se me escapa....

Es que dime que atractivo puede tener esta empresa en estos momentos, con empresas como bme, mapfre, la propia telefonica cotizando a estos niveles, ninguno, el que apueste por rebotes lógicamente lo hará en valores de este tipo que de quedarte pillado al menos tienes dividendos y ofrecen mas confianza, luego lo mismo arcelor se desata al alza, pero para estar acojonado, salvo especuladores de muy corto plazo y algún vicioso del valor no creo que tenga mucho atractivo.

Según dijo un forero el otro día, el precio final al que saldrán las nuevas acciones no será de 0,10 céntimos, sino que falta por añadir la prima de emisión. Pero vamos, en principio tiene toda la pinta de ser una operación acordeón.