Ladbrokes Coral to leave FTSE 100 as index's founders drop like flies

Ladbrokes Coral is set to become the 52nd founding member of the FTSE 100 to disappear as the company remains on track to be acquired by GVC.

The acquisition, scheduled to come into effect by no later than 0800 GMT on Thursday, will see the cancellation of the gambling giant’s shares and two further members of the founding group look to also be heading for the door.

GKN and Hammerson are both facing questions over their independence following respective bids from Melrose and French firm Klepierre.

Russ Mould, investment director at AJ Bell, said: "Even if GKN staves off its predator the company is due to be broken up, as the defence plan outlined by chief executive Anne Stevens sanctions the merger of the Driveline operation with America’s Dana, leaving shareholders with 47.25% of the new entity and the disposal of non-core assets ahead of a sizeable cash return."

Hamerson, meanwhile, will drop into the FTSE 250, alongside FTSE 100 founders Edinburgh Investment Trust, Elementis and Rank, should the company successfully fend off the attention of Klepierre.

Just 16 of the FTSE 100’s founding members remain on the index under the same name, while a further 13 still trade on the benchmark index under a different name.

"The remarkable rate of turnover among the UK’s premier elite, with just 29 survivors after 34 years, shows how hard finding those sustained winners can be, especially as three founder members of the index went bust, two within a decade of its launch," said Mould.