Deutsche Börse has announced changes to its selection indices, which will become effective on 19 March 2018. As part of these changes, the shares of Covestro AG will replace ProSiebenSat.1 Media SE in the DAX index.
In a 6 March statement, Covestro,which is based in Leverkusen, said the move was triggered by the fast-entry rule, adding that since its IPO in October 2015, Covestro's market capitalisation and free float had increased continuously.
“Already in 2015, Covestro was included in the MDAX index, and the company has also been a member of the STOXX Europe 600 since spring 2016,” said the former Bayer unit.
Patrick Thomas, CEO of Covestro AG, said the admission to DAX was a “confirmation of the successful development of our company in the recent years and the attractiveness of our share.”
Since the IPO, the former parent company Bayer AG has continuously reduced its stake in Covestro. As of 5 March, the free float of Covestro is around 86%, market capitalisation amounts to around €17.6 billion.