Another interesting situation (which to be frank I can't get my...

Another interesting situation (which to be frank I can't get my head around this time in the morning) is that MTU goes xd 17c on Friday. But of course VOC doesn't; so all things being equal on the arbitrage, either MTU will get their dividend for nothing, or VOC shares will drop by about 10c to match the xd price of MTU (or some combination thereof). I'm sure smarter people than me can think of a way to make money out of this.

If we were to assume that the merger were to go ahead, and that no other price changes occur, then buying MTU today (at an effective xd price of $9.38) would be a cheaper of war of buying into the combined group than buying VOC at $6.01 (or $9.76 MTU equivalent).

So I guess I am saying that the one-off price adjustment between VOC and MTU still has a little way to go, until perhaps VOC falls to about $5.77 (or MTU rises a little more to $9.76, or something in-between).