The Essen-based industrial and steel company Thyssenkrupp has to leave the Dax because of its drastically reduced share price. This was announced by Deutsche Börse on Wednesday evening in Frankfurt. The group will be replaced in the lead index by the engine manufacturer MTU. Thyssenkrupp is no longer one of the 30 most valuable stock exchange companies in Germany.
The exit from the top league of stock market values will take effect on 23 September - for the more than 200 years old industrial giant this is a big loss of prestige. "That disappoints us the descent from the Dax, is out of the question," said Thyssenkrupp CEO Guido Kerkhoff. "As a founding member, we would have liked to stick to the lead index." But you have to be honest: "Our performance was too weak, so the walk in the MDax is the logical consequence."
30 picturesThyssenkrupp: descent of a giant
The entire group has around 160,000 employees worldwide. For employees, the Dax descent has no direct consequences. However, they are affected by the group restructuring, which will result in the cancellation of 6,000 jobs, including 4,000 in Germany.
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Index changes are particularly important for funds that exactly copy indices (ETF). It then has to be rebalanced and rebalanced accordingly, which can affect share prices. In the MDax
In his first reaction to the Dax descent, Kerkhoff said, "It's important that we now rebuild the Group and make it more profitable to regain investor confidence, and that's our focus, and we're working hard to do that."