Postbank to replace Schering in German blue-chip DAX stock index

0 Comments | AFP, September, 2006

FRANKFURT (AFP) — Postbank, the banking arm of German postal and logistics giant Deutsche Post, is to replace pharmaceuticals specialist Schering in the Frankfurt stock exchange's blue-chip DAX 30 stock index, stock market operator Deutsche Boerse announced. The switch would take place on September 18, Deutsche Boerse said in a statement.

Schering, which is being taken over by chemicals and pharmaceuticals giant Bayer, no longer meets the key market capitalisation criteria necessary for DAX membership, the statement explained. At the last count, Bayer had amassed a stake of 92.4 percent in Schering as part of its public takeover offer, reducing the percentage of Schering's share capital in free float. Schering would in future be listed on the mid-cap MDAX index. © 2006 AFP