<SEC-DOCUMENT>0000903423-16-000960.txt : 20160408
<SEC-HEADER>0000903423-16-000960.hdr.sgml : 20160408
<ACCEPTANCE-DATETIME>20160408110437
ACCESSION NUMBER:		0000903423-16-000960
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160408
FILED AS OF DATE:		20160408
DATE AS OF CHANGE:		20160408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ArcelorMittal
		CENTRAL INDEX KEY:			0001243429
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35788
		FILM NUMBER:		161561771

	BUSINESS ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000
		BUSINESS PHONE:		35247922151

	MAIL ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCELOR
		DATE OF NAME CHANGE:	20030618
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>arcelor6k_0408.htm
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<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated April 8, 2016</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Commission File Number: 001-35788</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARCELORMITTAL</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into
English)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">24-26 boulevard d&rsquo;Avranches</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">L-1160 Luxembourg</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Grand Duchy of Luxembourg</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">Form
20-F &#9746;&#9;Form 40-F &#9744;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT>_____</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT>_____</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">Yes </FONT>&#9744;<FONT STYLE="font-size: 11pt">&#9;No
</FONT>&#9746;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If &ldquo;Yes&rdquo; marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Exhibit 5.12 is hereby
incorporated by reference into this report on Form 6-K.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This report on Form 6-K
shall be incorporated by reference into the registrant&rsquo;s registration statement on Form F-3 (File No. 333-202409).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit List</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&#9;<U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Exhibit 5.12</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Opinion of Elvinger, Hoss &amp; Prussen as to the validity of the rights and new shares under Luxembourg law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date: 08 April, 2016</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">ARCELORMITTAL</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">By: <U>&nbsp;/s/ Henk Scheffer<FONT STYLE="font-variant: small-caps">
</FONT></U><FONT STYLE="font-variant: small-caps">&#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.75in"></TD><TD STYLE="width: 0.5in">Name:</TD><TD>Henk Scheffer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.75in"></TD><TD STYLE="width: 0.5in">Title:</TD><TD>Company Secretary</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;<U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Exhibit 5.12</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Opinion of Elvinger, Hoss &amp; Prussen as to the validity of the rights and new shares under Luxembourg law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.25in; text-align: justify; text-indent: -0.5in">&nbsp;</P>



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<FILENAME>arcelor6kex512_0408.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_034.jpg" ALT="" STYLE="width: 274px; height: 36px"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 207pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 207pt; text-align: right"><B>Exhibit 5.12</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 207pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%"> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">ArcelorMittal S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">24-26, boulevard d&#8217;Avranches</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">L-1160 Luxembourg</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg, April 8, 2016</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 207pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 207pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">O/Ref.:&#9; PH/TKA</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Re:&#9; Post-Effective Amendment</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Ladies and Gentlemen,</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">1.&#9;&nbsp;We
have acted as your Luxembourg counsel in connection with the filing by ArcelorMittal, a <I>soci&eacute;t&eacute; anonyme</I> organised
under the laws of Luxembourg <FONT STYLE="line-height: 115%">with registered office at 24-26, boulevard d&#8217;Avranches, L-1160
Luxembourg, registered with the Luxembourg Register of Commerce and Companies (&#8220;<B>RCS</B>&#8221;) under number B 82.454
</FONT>(the &#8220;<B>Company</B>&#8221;), in relation to the offering and issue of 1,803,359,338 rights (the &#8220;<B>Rights</B>&#8221;)
exercisable into 1,262,351,531 new ordinary shares of the Company (the &#8220;<B>New Shares</B>&#8221;). The Rights and the New
Shares have been issued pursuant to the registration statement on Form F-3 (File No. 333-202409) (the &#8220;<B>Registration Statement</B>&#8221;)
filed on March 2, 2015, as amended by by a post-effective amendment filed on February 5, 2016 (the &#8220;<B>Post-Effective Amendment</B>&#8221;)
and supplemented by a prospectus supplement filed on March 11, 2016 (the &#8220;<B>Prospectus Supplement</B>&#8221;), in each case
with the United States Securities and Exchange Commission (the &#8220;<B>Commission</B>&#8221;) pursuant to the United States Securities
Act of 1933, as amended (the &#8220;<B>Securities Act</B>&#8221;).</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">2.&#9;&nbsp;This opinion is rendered
to you in order to be filed as an exhibit to the Registration Statement.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">3. &nbsp;&#9;For
the purpose of this opinion, we have reviewed the following documents:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.1</TD><TD STYLE="text-align: justify">an e-mailed copy of the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 107.45pt; text-align: justify; text-indent: -1.1pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 107.45pt; text-align: justify; text-indent: -1.1pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 107.45pt; text-align: justify; text-indent: -1.1pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 107.45pt; text-align: justify; text-indent: -1.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2, place Winston Churchill - B.P. 425 - L 2014
Luxembourg - T (352) 44 66 44 0 - F (352) 44 22 55 - www.ehp.lu</P>



<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 107.45pt; text-align: justify; text-indent: -1.1pt"></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.2</TD><TD STYLE="text-align: justify">an e-mailed copy of the Post-Effective Amendment;</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.3</TD><TD STYLE="text-align: justify">an e-mailed copy of the Prospectus Supplement;</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.4</TD><TD STYLE="text-align: justify">a certified copy of the minutes of the extraordinary general meeting of shareholders held on March
10, 2016 which has <I>inter alia</I> renewed the authorisation of the board of directors of the Company (the &#8220;<B>Board of
Directors</B>&#8221;) to issue New Shares under the authorised capital and to limit or cancel the preferential subscription rights
of the existing shareholders (the &#8220;<B>EGM</B>&#8221;);</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.5</TD><TD STYLE="text-align: justify">an e-mailed scanned certificate issued by the Company Secretary of the Company together with another
authorised representative of the Company dated March 10, 2016 certifying that on February 3, 2016, the Board of Directors has,
subject to the EGM inter alia authorized the offering and issue of Rights and New Shares and the cancellation of the shareholders&#8217;
preferential subscription rights with respect to the New Shares (the &#8220;<B>Officer&#8217;s Certificate</B>&#8221;);</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.6</TD><TD STYLE="text-align: justify">an e-mailed scanned copy of the decisions of the delegates of the Board of Directors signed by
Genuino Christino and Henk Scheffer dated March 10, 2016 (the &#8220;<B>Delegates Decision</B>&#8221;) <I>inter alia</I> approving
the terms of the Rights and resolving to issue the Rights and to issue the New Shares (i) upon exercise of the Rights, (ii) pursuant
to the exercise of the over-subscription privilege granted to the holders having exercised the Rights for at least 7 New Shares
and (iii) to the underwriters corresponding to the New Shares that have not been subscribed to under (i) and (ii);</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.7</TD><TD STYLE="text-align: justify">a copy of the Company&#8217;s consolidated articles of association (<I>statuts coordonn&eacute;s</I>)
as at March 10, 2016 as deposited in the Company&#8217;s file with the RCS on March 21, 2016 (the &#8220;<B>Articles</B>&#8221;);</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="line-height: 115%">3.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="line-height: 115%">an electronic </FONT>non-certified <FONT STYLE="line-height: 115%"><I>certificat
de non-inscription d&#8217;une d&eacute;cision judiciaire</I> (certificate as to the non-inscription of a court</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify">decision) issued by the
RCS on April 8, 2016 (the &#8220;<B>RCS Certificate</B>&#8221;) certifying that as of April 7, 2016 no Luxembourg court decision
as to <I>inter alia</I> the<I> faillite</I> (bankruptcy), <I>concordat pr&eacute;ventif de faillite</I> (moratorium), <I>gestion
contr&ocirc;l&eacute;e</I> (controlled management), <I>sursis de paiement</I> (suspension of payments) or <I>liquidation judiciaire</I>
(compulsory liquidation), and no<I> </I>foreign court decision as to <I>faillite</I>, <I>concordat</I> or other analogous procedures
according to Council Regulation (EC) n&deg;1346/2000 of 29 May 2000 on insolvency proceedings is filed with the RCS in respect
of the Company;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="line-height: 115%">3.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="line-height: 115%">an electronic </FONT>non-certified <FONT STYLE="line-height: 115%">extract
issued by the RCS in relation to the Company dated </FONT>April 8, 2016<FONT STYLE="line-height: 115%"> (the &#8220;<B>Extract</B>&#8221;);
</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.10</TD><TD STYLE="text-align: justify">a copy of the confirmation of BNP Paribas Securities Services, Luxembourg Branch dated 8 April
2016 of the issue of the New Shares and of the inscription in the Register of <I>Nederlands Centraal Instituut voor Giraal Effectenverkeer
B.V.</I> in respect of the New Shares credited into the clearing systems (the &#8220;<B>New Shares Confirmation</B>&#8221;);<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">
</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.11</TD><TD STYLE="text-align: justify">a copy of the confirmation of BNP Paribas Securities Services, Luxembourg Branch dated 8 April
2016 of the receipt of the funds corresponding to the subscription price of the New Shares (this certificate, together with the
New Shares Confirmation, the &#8220;<B>BNPP Certificates</B>&#8221;); and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">3.12</TD><TD STYLE="text-align: justify">a copy of the list of authorised signatories of the Company dated March 15, 2016 and filed with
the RCS on March 16, 2016.</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">The documents
listed under paragraphs 3.1 through 3.12 are hereinafter referred to as the &#8220;<B>Documents</B>&#8221;.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">4.<FONT STYLE="line-height: 115%">&#9;&nbsp;We
have made an enquiry on the website of the Bar of Luxembourg (<I>Barreau de Luxembourg</I>) (<FONT STYLE="color: blue"><U>www.barreau.lu</U></FONT>)
on </FONT>April 8, 2016<FONT STYLE="line-height: 115%"> at </FONT>8:10 a.m.<FONT STYLE="line-height: 115%"> (CET) as to whether
bankruptcy proceedings against the Company have been filed with the court in Luxembourg and we have made an electronic company
search on the Company on the website of the RCS<I> </I>on </FONT>April 8, 2016<FONT STYLE="line-height: 115%"> at </FONT>8:11<FONT STYLE="line-height: 115%">
a.m. (CET) (the &#8220;<B>Company Search</B>&#8221;). Our enquiries showed that no bankruptcy procedure had been filed to that
time and we have</FONT></P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify">received the RCS Certificate.
It should be noted that such searches are subject to the disclaimers on the relevant websites and are not capable of revealing
whether a writ has been served on the Company but has not yet been enrolled with the court and thus we cannot opine thereon or
as to whether a writ commencing any such proceeding has been served on the Company but has not yet been enrolled with the court.
The search at the RCS showed further that as at its date no compulsory liquidation procedure is pending in relation to the Company.
It should be noted that notice of a winding-up order or a resolution to that effect passed may not be filed with the RCS immediately
or may, even though filed, not be published on the website of the RCS immediately. Thus, we cannot opine as to whether any liquidation
procedure has been initiated but not yet filed and published with the RCS. We have not made any enquiries other than those described
in this section 4.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="line-height: 115%">5.&nbsp;&#9;</FONT>For
this opinion, we have relied on the accuracy and completeness of the Articles. We have furthermore assumed that all copies of documents
that we have reviewed conform to the originals, that all originals are genuine and complete and that each signature is the genuine
signature of the individual as signatory on the document. In addition, we have assumed and have not verified the accuracy as to
factual matters of each document we have reviewed. We have assumed that the New Shares to be issued and delivered will be issued
against a payment in cash. We have also assumed that the statements made in the Officers&#8217; Certificate are a true record of
the proceedings and facts described therein, and that the resolutions described in the Officers&#8217; Certificate were validly
passed in a duly convened and constituted meeting of the Board of Directors and that such resolutions and the decisions described
in the Delegates&#8217; Decision are and remain in full force and effect without modification and have not been amended, rescinded
or terminated and that the information contained therein is true, complete and accurate at the date of this opinion. We have assumed
that the statements set out in the BNPP Certificates are true and correct. We have furthermore assumed that the Articles, the RCS
Certificate and the Extract have not been amended and are up-to-date, accurate and complete except, as regards the Articles and
the Extract, that the amount of the issued share capital and the number of shares in issue stated therein does not yet reflect
the issue of the New Shares.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&#9;This
opinion is confined to matters of Luxembourg law (as defined below). Accordingly, we express no opinion with regard to any system
of law other than the laws of Luxembourg as they stand as of the date hereof and as such laws as of the date hereof have been interpreted
in published case law of the courts of Luxembourg (&#8220;<B>Luxembourg law</B>&#8221;).<FONT STYLE="line-height: 115%"> This opinion
speaks as of the date hereof. No obligation is assumed to update this opinion or to inform any person of any changes of law or
other</FONT></P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify">matters coming to our knowledge
and occurring after the date hereof, which may affect this opinion letter in any respect.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify; text-indent: 35.25pt">7.&#9;&nbsp;On
the basis of the above assumptions and subject to the qualifications set out below, having considered the Documents listed above
and having regard to all relevant laws of Luxembourg, we are of the opinion that:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">7.1</TD><TD STYLE="text-align: justify">The Company is a public limited liability company (<I>soci&eacute;t&eacute; anonyme</I>) duly incorporated
and existing in Luxembourg.</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.8pt"></TD><TD STYLE="width: 35.4pt">7.2</TD><TD STYLE="text-align: justify">The Company has all the necessary corporate power and authority to issue and deliver the Rights
and the New Shares. The Company has taken all necessary corporate actions, and no other action shall be required to be taken by
it, in relation to the issuance and delivery of the Rights and the issuance and delivery of the New Shares.</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">7.4</TD><TD STYLE="text-align: justify">The Rights constituted valid and legally binding obligations of the Company.</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.2pt 0 0 106.35pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 1.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.45pt">7.5</TD><TD STYLE="text-align: justify">The New Shares have been validly issued fully paid and are non-assessable (which term when used
herein means that no further sums are required to be paid to the Company by the holders thereof in connection with the issue of
such New Shares).</TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify; text-indent: 35.4pt">8.&nbsp;&#9;This
opinion is subject to any limitations arising from bankruptcy, insolvency, liquidation, moratorium, reorganisation and other laws
of general application relating to or affecting the rights of creditors. Insofar as the foregoing opinions relate to the valid
existence of the Company, they are based solely on the Articles, the Extract and the searches described above in section 4. However
such searches are not capable of conclusively revealing whether or not any bankruptcy (<I>faillite</I>), compulsory liquidation
(<I>liquidation judiciaire</I>), re-organisation, reconstruction or reprieve from payment (<I>sursis de paiement)</I>, controlled
management (<I>gestion contr&ocirc;l&eacute;e</I>) or composition with creditors (<I>concordat</I>) proceedings or voluntary dissolution
and liquidation proceedings have been initiated and the relevant corporate documents (including, but not limited to, the notice
of a winding-up order or resolution, notice of the appointment of a receiver, manager, administrator or administrative receiver)
may not be held at the RCS immediately and there may be a delay in the relevant notice appearing on the files of the relevant party.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify; text-indent: 35.4pt">9.&nbsp;&#9;This
opinion speaks as of its date and is strictly limited to the matters stated herein and does not extend to, and is not to be read
as extending by implication to, any other matters. In this opinion Luxembourg legal concepts are translated into English terms
and not in their original French terms used in Luxembourg laws. The concepts concerned may not be identical to the concepts described
by the same English terms as they exist under the laws of other jurisdictions. This opinion is governed by Luxembourg law and the
Luxembourg courts shall have exclusive jurisdiction thereon.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify; text-indent: 35.4pt">10.&nbsp;&#9;It
is understood that this opinion is to be used only in connection with the offer and sale of Rights and New Shares issued and delivered
pursuant to such Rights, in each case pursuant to the Registration Statement, while the Registration Statement is in effect.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.2in 0 0; text-align: justify; text-indent: 35.4pt">11.&nbsp;&#9;We
hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the use of our name in the prospectus
included in the Post-Effective Amendment under the heading &#8220;<B>Validity of the Securities</B>&#8221;, as Luxembourg counsel
for the Company. In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration
Statement, including this Exhibit 5.12, within the meaning of the term &#8220;expert&#8221; as used in the Securities Act or the
rules and regulations of the Commission thereunder. The opinions expressed herein are rendered on and as of the date hereof, and
we assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual
matters arising subsequent to the date hereof that might affect the opinion expressed herein.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Yours
faithfully,</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">/s/ Philippe Hoss</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">Philippe Hoss</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">Elvinger Hoss Prussen</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/125% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/125% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
