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Deutsche Postbank replaces Schering in Germany's DAX

Deutsche Postbank replaces Schering in Germany's DAX

Deutsche Postbank AG, Germany's largest retail bank, will be raised into the country's main stock market index, replacing pharmaceutical company Schering AG.
Schering is being dropped from the index because most of its shares are now held by Bayer AG, which is buying the company in a deal worth nearly euro16.9 billion (US$21.6 billion), and its market value is based upon the number of shares freely traded. Bayer secured Schering after a takeover battle with a third German company, Merck KGaA.
Once Schering exits the DAX index, it will move to the MDAX index for mid-cap stocks, said Deutsche Boerse AG, the owner and operator of the German stock exchange. The changes take effect Sept. 18.
Shares in Schering were up 0.2 percent to euro90.59 (US$116.26), while shares of Bayer AG dropped 0.6 percent to euro37.88 (US$48.61). Postbank shares dipped 0.5 percent to euro60.57 (US$77.73) in an overall lower market.


Updated : 2021-10-21 06:29 GMT+08:00