FRANKFURT (dpa-AFX) - While everything is likely to remain the same in the Dax for the index review in June, several changes are in the offing in the MDax and SDax. The main focus here will be on the travel group Tui and the perfumery chain Douglas, which returned to the stock exchange in March.

Deutsche Borse will review the indices of the Dax family, consisting of the leading index Dax, the MDax for medium-sized companies, the SDax for smaller companies and the technology index TecDax, this Wednesday (June 5). Any changes will be announced in the evening after the US stock market closes and will come into effect on Monday, June 24.

There is only one uncertainty in the leading German index, and that concerns a possible takeover of the plastics group Covestro by the Arab oil company Dhabi National Oil (Adnoc), index expert Luca Thorißen from the investment bank Stifel told the financial news agency dpa-AFX. However, there was no news in this regard by the deadline, so a change in the Dax for the current index review is probably not an issue.

Thorißen and JPMorgan index expert Pankaj Gupta expect the Tui share to return to the MDax. Now that the travel group has returned to the strictly regulated Prime Standard of the Frankfurt Stock Exchange and the last day of trading in London is scheduled for June 21, nothing should stand in the way of the share being included in the MSCI EMU Small Cap Index on June 10 and the MDax on June 24, according to Gupta.

The Stifel expert also expects Rational to return to the MDax. The commercial kitchen equipment supplier had to leave the index in March because a criterion from the German Corporate Governance Code, the recommendations for good corporate governance, had not been adhered to. Specifically, this concerned the term of office of the Chairman of the Audit Committee on the Supervisory Board. Hans Maerz had exceeded the twelve-year limit as a member and was therefore no longer considered independent according to the applicable rules.

In addition, according to Thorißen, the commercial vehicle manufacturer Traton is likely to move up from the SDax to the MDax, thereby displacing Morphosys. The biotech company is about to be taken over by the pharmaceutical group Novartis.

Due to the inclusion of Tui and Rational in the MDax, there are currently two favorites to be relegated to the SDax, according to the expert. These are likely to be the inverter manufacturer SMA Solar and the car rental company Sixt, but the cooking box supplier Hellofresh could also be considered.

For newcomer Douglas, which is likely to be included in the SDax, the Stifel expert expects Heidelberger Druck to leave the index. Due to the MDax relegations, insurer W&W and hydrogen specialist Thyssenkrupp Nucera are also likely to be removed from the small-cap index.

Meanwhile, the shares of Borussia Dortmund (BVB) should remain in the SDax. The fact that BVB reached the Champions League final had given the share price a cushion up to the deadline. Although the final was lost, the share price reaction to this no longer had any influence on the upcoming decision on the composition of the index.

Index changes are particularly important for funds that replicate indices in real terms (physically replicating ETFs). They then have to be rebalanced accordingly, which can have a short-term impact on share prices./ck/la/tih/jha/