Steel and Tube returns to NZX 50

Steel and Tube Holdings, which sells steel building products, is to return to the NZX 50 Index with the departure of Fisher and Paykel Appliances.

The change will occur after market close on Nov. 13, the stock exchange said in a statement.

China's Haier gained acceptances for more than 90 percent of F&P Appliances by the time its offer closed yesterday, allowing it to compulsorily acquire the rest. The Auckland-based manufacturer first listed as a standalone company in November 2001.

Shares of Steel & Tube last traded at $2.13, valuing the company at $189 million. Entry into a benchmark index typically benefits a stock because index-weighted funds are required to hold it in their portfolio.

BusinessDesk.co.nz

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