FTSE Group (FTSE), the company which calculates and manages the FTSE 100 index, today confirms that energy company Scottish Power is to be deleted from the FTSE 100, after its takeover by Spanish company Iberdrola. In the second change to the FTSE 100 this week, Mitchells & Butlers, the managed pub operator, will replace Scottish Power in the blue chip index at the close of trading today.
Replacing Mitchells & Butlers in the FTSE 250 will be private equity house Candover Investments. Scottish Power has been in the FTSE 100 since July 1991, and Mitchells & Butlers will re-enter the index after being deleted in December 2003.
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 working days prior to the deletion. Mitchells & Butlers was the highest placed company on the reserve list at close on Wednesday 17th April.
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. From tonight’s close the remaining FTSE 100 reserve list will contain Easyjet, Burberry Group and Barratt Developments.
