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upd:

Manager Magazin reports that DAX will take Volkswagen out of the index and replace it by… the Volkswagen preferred share (VOW3 GY), despite Deutsche Borse saying this morning they will NOT take out Volkswagen as long as the free float is above 5%. Undoubtedly, pressure on Deutsche Borse from investors is mounting and this could force them to take Volkswagen out of the index, despite the rules. Note that this could push down Volkswagen ordinary shares and preferred shares up. It could push down DAX vols as well, since they started to tend towards Volkswagen vols due to the high percentage weight of Volkswagen in the index.


Stoxx has stated it will make an anouncement tonight on 'the situation with index component Volkswagen', without elaborating further. The stock that is most liekly to replace Volkswagen in the Eurostoxx 50 if it should be taken out is Deutsche Post.


According to these rulez you can be taken out of the index on three counts: free float below 5% (which is not the case), something about a membership of the prime exchange (not relevant for VOW), or (dis)continous trading. None of them apply.


In theory, the latter could be used if BaFin were to suspend trading for a certain amount of time, but this was never done before. A final option would be that the Board of the Dax were to meet and decide to kick VOW out, but that would be "against all rulez!"