Vivendi SE lost its spot on France’s benchmark CAC 40 stocks index, and will be replaced by Edenred, Paris bourse operator Euronext said on Thursday.

The decision, which is set to come into effect from June 19, follows the drop in the media conglomerate’s shares in May when major shareholder Bollore Group said a takeover of the company was not on the cards.

“Euronext’s decision to exit Vivendi is a technical one and doesn’t put into question Vivendi’s fundamentals,” a Vivendi spokesman said.

Vivendi’s shares have fallen 6.5% this year, underperforming an 8.5% gain for the broader Stoxx Media Index. That’s while French reward-voucher provider Edenred climbed about 20% this year, taking its market value to 15 billion euros, nearly double that of Vivendi.

Membership of major benchmarks has gained importance in recent years, given the dominance of so-called tracker funds. Exclusion could see stocks subject to selling pressure from such funds, which look to mirror the performance of a gauge.

--With assistance from Kit Rees.