Deutsche Börse will take Schering out of the DAX index and include Deutsche Postbank effective 18 September as scheduled. However, Schering will not move to MDAX as originally decided on September 5, because the company is below the free-float threshold of five percent following the takeover by Bayer. Deutsche Börse made the announcement on Tuesday following Bayer’s confirmation on 9 September that it had acquired more than 95 percent of Schering’s capital.
According to Deutsche Börse’s rulebook, which was changed in this respect in June, foresees that companies no longer meeting the minimum requirement regarding free-float (i.e. five percent) are removed from the index after usually two full trading days; in justified cases this period may be extended up to ten trading days. Schering now does not qualify for any of Deutsche Börse’s selection indices.
Instead of Schering, Patrizia Immobilien (currently in SDAX) will be included in MDAX. Bauer will replace Patrizia Immobilien in SDAX. All other changes to the index composition will be executed as of the decisions on 5 September: Deutz will be included in the MDAX index, replacing Vivacon. Vivacon will be included in the SDAX index. Deutsche Wohnen, Air Berlin, Kloeckner & Co.,C.A.T Oil and Demag Cranes will also be included in the SDAX index, replacing Villeroy + Boch, Boewe Systec, Schlott Gruppe, Kloeckner Werke und Fluxx. Wirecard and Adva will replace Combots and Medigene in the TecDAX index.
The next review of the equity indices is scheduled for 5 December 2006.
