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FRANKFURT, Germany - Auto parts and tire maker Continental AG and ailing real estate lender Hypo Real Estate AG will be taken off Germany's benchmark DAX-30 Index later this month, Deutsche Boerse said. They will be replaced by Beiersdorf AG and Salzgitter AG on Dec. 22.
Hannover-based Continental and Munich-based Hypo Real Estate are being replaced based on Deutsche Boerse AG's fast-exit rule because the "shares do no longer meet the criteria in terms of market capitalization to remain in the DAX index." The decision was announced late Wednesday.
Continental will move to the MDAX index of 50 medium-sized businesses, replacing Hamburg-based Beiersdorf, whose products include Nivea. Hypo Real Estate will also move to the same index in the place of Salzgitter, whose products include steel, beverage packing and metal tubes.
The next equity index review will take place in March, Deutsche Boerse said.
The DAX was up 1.8 percent to 4,649.58 in Thursday morning trading.
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