Corus Group is to exit the FTSE 100, after its takeover by Indian steel company Tata Steel. Corus will no longer be in the FTSE 100 from the start of trading on 30th March 2007, and will be replaced in the blue chip index by Schroders.
Schroders will enter the FTSE 100 as the highest positioned company by market capitalisation on the FTSE 100 reserve list based on tonight’s close. In line with the FTSE UK index ground rules, the company removed from the FTSE 100 is replaced by the highest company on the reserve list at the close of the index calculation two days prior to the deletion.
Reserve lists are created at each UK quarterly review, and contain the next six companies ranked in order of market capitalisation below the FTSE 100. Reserve lists are used in between index reviews in case of corporate actions or mergers. Currently the FTSE 100 reserve list contains: Schroders, Punch Taverns, Mitchells & Butlers, Easyjet, Burberry Group and Barratt Developments.
