The plastics group Covestro must leave Dax exceptionally after its takeover by Adnoc.
Instead, it is the action of Fresenius Medical Care (FMC) which will join the flagship German index on Friday after Christmas (December 27), the subsidiary of the German Stock Exchange ISS Stoxx announced on Wednesday evening. Abu Dhabi oil giant Adnoc announced on Wednesday that it had secured just over 91 percent of Covestro’s shares through its subsidiary XRG. With a float of less than 10%, the Leverkusen company no longer meets the conditions for a place in the Dax.
For the dialysis specialist FMC, it is a return after three quarters of a year. Its main shareholder, Fresenius, is also part of Dax. For FMC, Deutsche Wohnen, a subsidiary of Vonovia, joins the MDax secondary stocks index. With a free float of twelve percent, the real estate group barely meets the criterion for a place in the index. The upcoming profit transfer and control contract could lead to a further decline in the free float in the near future. On December 27, the laser specialist LPKF will make its return to the SDax small value index.
The MDax and SDax are already due to undergo changes on Monday (December 23) which were decided at the beginning of the month. The used car seller Auto1 and the biotechnology company Evotec will then enter the MDax for the metal recycler Befesa and the automotive and industrial equipment manufacturer Stabilus. Three companies are entering the SDax: the software publisher Nexus, the newcomer Springer Nature and the Munich biotechnology company Formycon. They replace office furniture distributor Takkt, Thyssenkrupp’s hydrogen subsidiary Nucera and US networking company Adtran Holdings, also listed on Nasdaq, the parent company of Bavarian company Adtran Networks (formerly Adva Optical).
(Reporting by Alexander Hübner, written by Birgit Mittwollen. For any questions, please contact our editorial team at [email protected] (for politics and current affairs) or [email protected] (for businesses and markets).
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