FRANKFURT AM MAIN: Berlin-based food delivery company Delivery Hero has become the newest member of Germany's blue-chip DAX index after scandal-hit payments firm Wirecard was kicked out. The move, announced late on Wednesday, came about after exchange operator Deutsche Boerse tweaked its rules in order to quickly expel insolvent companies.
Delivery Hero is worth around 20 billion euros ($23.7 billion), about three times its value when it debuted on the German stock market in June 2017. Delivery Hero is a somewhat surprising entry into the elite index because, despite trading in more than 40 countries, it has no sales in Germany - unprecedented for a DAX company - even though it was founded in Berlin in 2011.
"Entering the DAX is an acknowledgement that the capital market believes in our platform", said chief executive, Niklas Ostberg. The company's first day of trading on the DAX 30 will be August 24.
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