(Reuters) -Shares in auto supplier Aumovio, which is being spun off from Continental, will be included in Germany's benchmark blue-chip index for a single day of trading on Thursday, a unit of stock
Aumovio to Join Germany's DAX Index for One Day Following Spin-Off
Aumovio's Temporary DAX Index Inclusion
(Reuters) -Shares in auto supplier Aumovio, which is being spun off from Continental, will be included in Germany's benchmark blue-chip index for a single day of trading on Thursday, a unit of stock exchange operator Deutsche Boerse said late Monday.
Impact on Continental Shareholders
This is customary for spin-offs of DAX companies so that index investors the opportunity to resell the shares booked into their portfolios in an ordered way, among other things.
Historical Context of DAX Adjustments
Continental shareholders will automatically receive one additional Aumovio share for every two shares they hold in the German car parts supplier on Thursday.
The stock exchange last temporarily raised the number of stocks on the DAX index in 2021, when Mercedes-Benz spun off its truck division Daimler Truck.
Aumovio will be taken out of the index again at the closing of trading on the day.
(Reporting by Linda Pasquini in Gdansk and Alexander Huebner in Munich; Editing by Friederike Heine)
