THE WHAT? Siemens Energy is set to take Beiersdorf’s place in Germany’s DAX index, according to a report published by Reuters.
THE DETAILS On March 22, the Siemans AG spin-off will swap places with the manufacturer of Nivea; the latter will be relegated to Germany’s midcap index, MDAX.
THE WHY? Shares in Siemens Energy have grown approximately 33 percent in value since its initial listing in September last year, Reuters reports. CEO Christian Bruch told Reuters, “The fact that we will become a DAX member so soon after our initial listing on the stock exchange is a great recognition of our company’s proposition and the commitment of our employees.”