The industrial group Thyssenkrupp loses its place in the most important German stock index for decades. As Deutsche Börse announced last night, engine specialist MTU Aero Engines is moving into the DAX instead.
Every three months, Deutsche Börse reviews the composition of the DAX on the basis of the stock market value and the average trading volume of the shares. Thyssenkrupp has lost almost 60 percent of its stock market value since the beginning of 2018 – most recently reinforced by the veto of the EU competition guard against a merger of its steel division with the Indian Tata group.
From the beginning
For the Essen industrial group, the descent is a turning point. Since the introduction of the DAX in 1988, Thyssen has been included in the index of the 30 largest companies. In 1999, the company merged with its former competitor Krupp.
„The fact that we are disappointed in the relegation from the DAX is out of the question,“ said Chief Executive Officer Guido Kerkhoff today. „As a founding member, we would have liked to stick to the lead index.“ Honestly, the „performance“ of the group has recently been too weak. „But our eyes are now moving forward,“ said Kerkhoff.