STOCKS NEWS EUROPE-Daimler replaces KPN on euro zone div index
German car maker Daimler will replace KPN on a key euro zone dividend index this month after the Dutch telecoms group cut its payout forecasts earlier this week, index operator STOXX said late on Monday.
The change will see the yield of the EURO STOXX Select Dividend 30 Index move to 5.5 percent as KPN's current 21.6 percent yield is replaced by Daimler's 5.3 percent payout.
The Dutch group will also lose its spot on both the STOXX Global Select Dividend 100 index and the STOXX Europe 30 to Swiss real estate group Swiss Prime Site, with all changes to become effective at the market open on Dec. 20.
As part of a separate reshuffle of the EURO STOXX Select Dividend 30 Index, French energy group Total will replace Spanish lender Banco Sabadell on Dec. 24, STOXX said.
Dividend indexes are used by investors who want to gain exposure to corporate payouts in a region without picking single stocks.
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