By Ian Walker
Just Eat Takeaway.com NV will lose its place in the FTSE 100 index next month as part of the regular quarterly reshuffle after FTSE Russell reassigned its nationality to the Netherlands, making it ineligible for the FTSE UK Index Series.
FTSE Russell said late Tuesday that Just Eat's nationality has been changed from the U.K. following a review in accordance with FTSE Nationality Rules.
In addition, broadcaster ITV PLC and engineer Weir Group PLC are expected to lose their places in the FTSE 100 index when the review is announced next week, FTSE Russell said. Just Eat joined the index in December 2019 before its merger with Takeaway.com, while Weir has been a member since March this year, having joined after a five-and-a-half year absence. ITV only rejoined the index in June after a nine-month absence.
Defense company Meggitt PLC, Dechra Pharmaceuticals PLC and Wm. Morrison Supermarkets PLC are expected to be promoted to the top flight although both Meggitt and Morrisons are currently in takeover situations so their moves are likely to be short lived. If it joins, this will be Dechra's first entry into the FTSE 100 index.
The indicative changes are based on the companies' share prices at close of business on Aug. 20.
The FTSE 100 is a share index of the 100 most highly-capitalized companies listed on the London Stock Exchange. Any company that falls to 111th and below is automatically ejected from the top-flight index, while any firm that rises to 90 or above is automatically promoted.
The changes will be announced after markets close on Sept. 1, based on the companies' closing share prices on Aug. 31.
Earlier this month, Meggitt agreed to a 6.3 billion pounds ($8.65 billion) takeover by Parker Hannifin Corp. but has subsequently received a further GBP7.03 billion takeover proposal from TransDigm Group Inc., which the U.K. defense company's board is considering. TransDigm has until Sept. 14 to either make an offer or walk away under U.K. Takeover Panel rules.
On Friday, Morrisons agreed to a takeover from Clayton Dubilier & Rice LLC that values it at GBP7 billion. It had previously recommended a bid from a consortium led by SoftBank Group Corp.'s Fortress Investment Group LLC, but withdrew that upon the Clayton Dubilier deal. Fortress has said that it was considering its options in respect of its own offer.
Write to Ian Walker at email@example.com
(END) Dow Jones Newswires
August 25, 2021 05:27 ET (09:27 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.