Who takes F&P's NZX50 spot

Steel & Tube Holdings (NZX: STU) will take Fisher & Paykel Appliances' place in the NZX50, the market operator has announced.

Yesterday, Chinese whiteware giant Haier reached the 90% compulsory acquisition mark of F&P, allowing it to delist the company.

NZX senior strategy analyst John Fernandes says Steel & Tube met all criteria for inclusion in the NZX50 at the time of F&P's notice of dominant ownership.

The change will be made after the market's close on Tuesday and be effective from the following day – the day of Steel & Tube's annual meeting in Wellington.

At the current share price of $2.13, just two cents higher than it started the year, the local steel products maker is valued at $188 million.

The company's ASX-listed owner Arium sold its majority stake in Steel & Tube last month – at which time the company said it wanted to return to the NZX50.

Entry into a benchmark index typically benefits a stock because index-weighted funds are required to hold it in their portfolio.

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