Although he Ibex It is normally listed with 35 securities, there are many occasions in which the main index of the Spanish stock market has been temporarily composed of 34 companies. Some of these situations have occurred because the current regulations contemplate the direct expulsion of a company in the moment at which the acceptance period for a public acquisition operation ends (takeover bid), to later assess whether to include the company in the index again. But this will change from 2025.
From January 1 these exclusions will not be carried out automatically. “The new rule establishes that once the result is published [de la opa]if acceptance is equal to or greater than 90% the value will be excluded from the index. Otherwise, the value remains in the index with a new floating coefficient,” they explain from the BME technical advisory committee that is in charge of managing the indices, from where they justify that the objective is to standardize this process to that of other indices in the world.
In this way, We will wait, at least, to know the result of the offer. Once it is public, only takeover bids that are rejected by less than 10% will end with direct exclusion from the Ibex 35. It is true that the recent exits from the index due to a takeover bid have ended with high levels of acceptance that have caused the excluded firms did not return. This was the case of MásMóvil in 2020, FCC in 2016, Jazttel in 2015 or Siemens Gamesa in 2014. Except for FCC, all of these have even stopped trading. However, in those cases in which the takeover bids are successful, it will be expected in any case to wait to know the result. It must be remembered that there are several takeover bids pending in the Spanish stock market, including one by two members of the Ibex: BBVA-Sabadell.
In addition, starting in January the way of adjusting the Ibex for integrations and redemptions of shares will also be modified. It will be done on a quarterly basis and not daily, except if these represent more than 10% of the number of shares. This change also occurs to harmonize with other countries.
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