Vonovia to replace Lanxess in Germany's DAX index (updated)
03/09/2015 21:19
* Vonovia to join DAX on Sept. 21
* Vonovia market value more than tripled since IPO
* Lanxess to move to MDAX index
(Adds further details, timing of change)
FRANKFURT, Sept 3 (Reuters) - Vonovia VNAn.DE , which just
changed its name from Deutsche Annington, will be added to the
DAX index .GDAXI of leading German shares after a raft of
acquisitions helped the real estate group expand rapidly
following its flotation in 2013.
Stock exchange operator Deutsche Boerse DB1Gn.DE said on
Thursday Vonovia's stock would replace Lanxess LXSG.DE , the
world's largest synthetic rubber maker, in the first shake-up of
the country's top share index in three years.
Lanxess will move to the MDAX .MDAXI index of medium-sized
companies when the changes take effect on Sept. 21.
The 30 names making up the DAX .GDAXI are reviewed
annually but have remained unchanged since September 2012. In
contrast, the UK FTSE 100 .FTSE is reviewed every quarter,
usually leading to some changes.
Membership of the DAX is dependent on two criteria --
trading volumes and the value of the shares in free float.
The market value of Vonovia has more than tripled to around
13 billion euros ($14.7 billion) from about 4 billion when it
was first listed on the stock exchange in 2013. Lanxess' value
has meanwhile not changed much, hovering around 4 billion.
The next regular index review will be held on Dec. 3.
($1 = 0.8862 euros)
(Reporting by Maria Sheahan; Editing by Victoria Bryan)
((maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters
Messaging: maria.sheahan.thomsonreuters.com@reuters.net))
Keywords: GERMANY STOCKS/