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Three join Footsie in quarterly changes
Wed, 08 Feb, 2012
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Three join Footsie in quarterly changes
Wed, 8 Sep 2010, 17:38:00
Insurer <b>Resolution</b>, pumps manufacturer <b>Weir</b> and engineer <b>Tomkins</b> are replacing Home Retail, Segro and Cable & Wireless Worldwide in the FTSE 100 index. 

The changes will come into effect on 20 September. 

Tomkins is unlikely to stay in the Footsie for long because its board has recommended a 325p per share cash offer from Onex and Canada Pension Plan Investment Board. Analysts believe the £2.89bn bid is too low and David Cumming, head of UK equities at Standard Life Investments, has said the offer undervalues the engineering group and its prospects. Even so, it appears that the bid will be successful. 

The first company on the reserve list is <b>SSL International</b>, but the Durex condoms supplier is itself the subject of a bid, this time from household products firm <b>Reckitt Benckiser</b>. The cash bid values SSL at £2.54bn. 

This means that publisher and conferences organiser <b>Informa</b> is likely to end up in the Footsie in a few weeks time, assuming both of these bids go ahead. 

Online grocer <b>Ocado</b> has gone straight into the FTSE 250 index. Other new entrants include <b>Phoenix Group Holdings</b>, <b>Jupiter Fund Management</b>, <b>Kenmare Resources</b> and <b>Avis Europe</b> as well as the three companies demoted from Footsie. 

Recent issue <b>Promethean World</b> drops out of the 250, along with electronic games retailer <b>Game Group</b>. 

At the moment <b>Connaught</b> is hanging onto its FTSE 250 place because its shares are suspended. It appears likely, that former AIM-quoted online gaming firm <b>Sportingbet</b> will replace it in the near future. 

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