“While many of the
STATS.
original constituents
TABLE 3: THE ORIGINAL 100
Start Value Current
were taken over,
Company (bn) status
British Petroleum 7.421 FTSE 100 constituent.
Shell T&T 6.242 Included as Royal Dutch Shell since unitisation.
broken up or
General Electric 4.888 Broken up. Defence arm sold to BAE systems.*
ICI 3.889 Acquired by AkzoNobel, 2008.
Marks & Spencer 2.842 FTSE 100 constituent.
merged, some failed BAT Industries 2.631 FTSE 100 constituent.
Glaxo Holdings 2.598 GlaxoSmithKline is a FTSE 100 constituent.
BTR 2.262 Merged with Siebe to form Invensys.*
completely”
Beecham Group 2.196 Merged to form GlaxoSmithKline.*
Grand Metropolitan 1.967 Merged with Guinness to form Diageo.*
Rio Tinto Zinc 1.802 Rio Tinto is a FTSE 100 constituent.
Plessey 1.679 Acquired and broken up. Rump renamed Tellumat.
Barclays 1.648 FTSE 100 constituent.
capitalisation in 1984 and account for a
Unilever 1.638 FTSE 100 constituent.
similar proportion today. HSBC entered Sainsbury (J) 1.614 FTSE 100 constituent.
the index in 1992 with the formation of
Great Universal Stores 1.541 Split into Home Retail Group* and Experian.*
HSBC Holdings and the acquisition of
National Westminster 1.527 Acquired by RBS.
Midland Bank. It is second to BP in the
Prudential Corporation 1.426 Prudential is a FTSE 100 constituent.
FTSE 100 size rankings. Th e rest of the
Land Securities 1.333 FTSE 100 constituent.
Boots 1.313 Alliance Boots bought out by KKR, 2007.
banking sector has, of course, suff ered
badly over the past two years and the
Cable & Wireless 1.260 FTSE 100 constituent.
sector’s weighting has slipped markedly.
BOC Group 1.150 Acquired by Linde Group.
Thorn EMI 1.139 Thorn and EMI demerged. Bought by private capital.
Indeed, it will be no consolation for Royal
Racal Electronics 1.123 Acquired by Thomson-CSF (now Thales Group).
Bank of Scotland shareholders to learn
Sears Holdings 1.103 Acquired by Philip Green vehicle and broken up.
that, until two years ago, British American
Hanson Trust 1.098 Broken up. Rump acquired by Heidelberg Cement.
Tobacco (BAT) was the only original
Imperial Group 1.048 FTSE 100 constituent.
constituent to better the bank’s stock-
Lloyds Bank 1.015 Lloyds Banking Group is a FTSE 100 constituent.
market performance.
Britoil 1.010 Aquired by BP.
Bass 0.995 Broken up. Pub business part of Mitchells & Butlers.**
As table 3 shows, BAT has maintained
its leadership of the performance tables,
Associated Dairies 0.984 Acqured by Wal-Mart.
delivering a capital performance of
Eagle Star Holdings 0.953 Acquired by BAT. Later de-merged.
Consolidated Gold Fields 0.923 Acquired by Hanson. Subsequently broken up.
3,896% over the 25 years. Tesco takes
Royal Insurance 0.915 Merged with Sun Alliance. Now the RSA Insurance Group.*
second spot with a gain of 1,945% and a
St.Telelephones & Cables 0.910 STC acquired by Nortel. Nortel (UK) in administration.
rise in market value from £560 million
Midland Bank 0.893 Acquired by HSBC.*
to £28.3 billion. Famous names that
Allied Lyons 0.886 Allied Domecq acquired by Pernod Ricard.
disappointed include Cable and Wireless
Distillers 0.883 Acquired by Guinness. Now part of Diego.*
(+124%), Marks & Spencer (+99%) and
Ultramar 0.846 Acquired by Lasmo. Latter acquired to form Eni Lasmo.
Guardian Royal Exchange 0.807 Acquired by AXA. Life business later sold to Aegon.
Northern Foods (-12%).
While many of the original constituents
Legal & General Group 0.801 FTSE 100 constituent.
were taken over, broken up or merged,
General Accident 0.757 Merged with CU to form CGU. Later merged to form Aviva.
Standard Chartered Bank 0.751 FTSE 100 constituent.
some failed completely. Ferranti and British
Commercial Union 0.734 Merged with GA to form CGU. Later merged to form Aviva.
& Commonwealth both fall into this
Trusthouse Forte 0.725 Acquired by Granada. Forte trademark later returned to family.
category, having collapsed as a result of
Hawker Siddeley 0.698 Acquired by BTR. Later merged with Siebe to form Invensys.*
ill-fated acquisitions.
Sun Alliance & London 0.695 Merged with Royal Insurance. Now the RSA Insurance Group.*
Th e early years of the FTSE 100 also
Tarmac 0.533 Acquired by Anglo American.*
witnessed the continued success of the
Hambro Life Assurance 0.577 Acquired by BAT Later sold to Zurich Financial Services.
Associated British Foods 0.565 FTSE 100 constituent.
aggressive conglomerates such as Hanson
Trust and Trafalgar House, dominated by
Main data sources: Wood Mackenzie & Co (1984), Brumwell (1985), JIA, 112
44 SUMMER 2009
42-4742-47 FTSE.indd 44FTSE.indd 44 1/6/091/6/09 12:07:1412:07:14Professional Investor Summer 09.46 46 4/6/09 15:41:02
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