General Motors Rejoins S&P 500 After Four Years, Replacing Heinz
General Motors Co. (GM) will replace H.J. Heinz Co. in the Standard & Poor’s 500 Index after the close of trading on June 6, S&P said in a statement today.
The automaker is rejoining the S&P 500 after it was dropped following the company’s bankruptcy in June 2009. Heinz is being taken private by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) and Jorge Paulo Lemann’s 3G Capital in a $23 billion buyout.
“The GM team has been working very hard to earn the business of customers around the world and to win the confidence of investors, and rejoining the S&P 500 shows we’re very much on track,” Chief Executive Officer Dan Akerson said in an e-mail.
The revisions in the S&P 500 may prompt money managers to shift holdings to match the index. About $5.58 trillion is benchmarked to the gauge, according to S&P’s website.
American International Group Inc. will take the spot of Baker Hughes Inc. (BHI) in the S&P 100, the index provider said in a statement. Detroit-based GM will also become part of the S&P 100, the statement said.
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