Vonovia, which just changed its name from Deutsche Annington, will be added to the DAX index of leading German shares after a raft of acquisitions helped the real estate group expand rapidly following its flotation in 2013. Stock exchange operator Deutsche Boerse said on Thursday Vonovia's stock would replace Lanxess, the world's largest synthetic rubber maker, in the first shake-up of the country's top share index in three years.
Lanxess will move to the MDAX index of medium-sized companies when the changes take effect on September 21. The 30 names making up the DAX are reviewed annually but have remained unchanged since September 2012. In contrast, the UK FTSE 100 is reviewed every quarter, usually leading to some changes. Membership of the DAX is dependent on two criteria - trading volumes and the value of the shares in free float.
The market value of Vonovia has more than tripled to around 13 billion euros ($14.7 billion) from about 4 billion when it was first listed on the stock exchange in 2013. Lanxess' value has meanwhile not changed much, hovering around 4 billion. The next regular index review will be held on December 3.