One of the UK’s largest takeaway companies will no longer be listed on London’s top index as judges decided that Just Eat Takeaway.com is no longer a British company.
FTSE Russell said that it would remove Just Eat Takeaway.com from the FTSE 100 index due to its dual listing in London and Amsterdam.
When London-listed Just Eat was bought by its Amsterdam-listed peer Takeaway.com early last year, the two companies indicated they would de-list from the Dutch exchange and move to London.
However, the company is still reviewing what to do and has already warned shareholders that this means it is removed from the FTSE indexes.
Its removal will leave space for one of Morrisons and Meggitt, which will be promoted to the index after their shares recently soared due to takeover bids.
But both are likely to see their stays in the top league end fairly soon. If the takeovers for the firms are approved they will be taken private, so no longer be eligible for a stock exchange listing.
The two companies passed Weir Group, which went in the other direction down to the FTSE 250.
ITV had been widely tipped to crash out of the index after a yo-yo ride in the last year.
The broadcaster was relegated in September last year, promoted again in June. But despite a fall in its shares since then, it avoided rejoining the FTSE 250.
Companies that were promoted to the FTSE 250 were: Endeavour Mining, Darktrace, Bridgepoint, Blackrock Throgmorton Trust, Draper Esprit and Baltic Classifieds.
They were passed in the other direction by Wickes, Avon Protection, Temple Bar Investment Trust, Civitas Social Housing and Tullow Oil.