(News Bulletin 247) – With a capitalization that has melted like snow in the sun, the struggling Saint-Etienne distributor will be ousted from the SBF 120 to be transferred to a lower index, the CAC Small Index which houses medium-sized companies.
The French distributor Casino will no longer be listed on the French stock market index SBF 120 and will be relegated to another index comprising companies with smaller market capitalizations, the stock market operator Euronext announced on Thursday.
If the composition of the CAC 40 remains unchanged, the SBF 120, which includes the 120 largest capitalizations among the companies listed on the Paris Stock Exchange, will no longer include the Casino group in its ranks, which will join the “CAC Small Index”. .
The entries and exits of securities within the indices are in the hands of the Euronext Indices Scientific Council, which meets quarterly. It takes into account two major criteria: the size of the floating capital (capital tradable on the stock exchange) and the number of trades recorded on the securities.
Capitalization that has melted like snow in the sun
However, Casino’s market capitalization has melted in recent years: at its highest in June 2014, it then amounted to 10.95 billion euros, against 226.39 million currently, its all-time low, according to the data. compiled by the Bloomberg agency.
The distributor, strangled by a heavy debt of 6.4 billion euros, concluded at the end of July an agreement in principle of financial restructuring – which must still be finalized – with its buyers, the billionaires Daniel Kretinsky and Marc Ladreit de Lacharrière, the Attestor funds and its key creditors.
Among the other departures from the SBF 120, the French investment fund dedicated to infrastructure Antin and the real estate developer Altarea.
The three companies entering the index are Lectra, which provides software, cutting machines and services to several industrial sectors (textiles, automotive, furniture), Argan, a logistics warehouse manager, and X-Fab , a Belgian semiconductor manufacturer.
This revision of the SBF 120 will take place after market close on Friday, September 15 and will be fully effective the following Monday.
(With AFP)
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