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Covestro to replace ProSiebenSat.1 on Germany's DAX index

Reuters

FRANKFURT (Reuters) - Covestro (1COV.DE), a maker of materials for insulation foams and transparent plastics, will replace broadcaster ProSiebenSat.1 Media (PSMGn.DE) on Germany's blue-chip DAX index (.GDAXI), stock exchange operator Deutsche Boerse said.

The switch was based on the fast-entry rule, Deutsche Boerse said, which allows a company to enter an index ahead of the stock exchange's period review if it ranks among the biggest 25 companies in terms of market capitalisation and turnover.

ProSieben will move to the MDAX index of Germany's 50 biggest companies below the blue-chip level.

The index changes will become effective on March 19. The next regular index review will be held on June 5, the company said.

(Reporting by Maria Sheahan)