AMB Property Corp. was picked to ProLogis in the Standard & Poor’s 500 Index after the close of trading on June 2, while Dresser-Rand Group Inc. will take AMB Property’s spot in the S&P MidCap 400 Index, S&P said in a statement.
AMB is joining the benchmark gauge for U.S. stocks because it’s acquiring ProLogis in a deal expected to be completed around that time, S&P said, adding that after the combination AMB will be renamed ProLogis Inc. and trade under the ticker PLD, the current symbol for ProLogis.
Separately, Hancock Holding Co. will replace PacWest Bancorp in the S&P MidCap 400 after the close of trading on June 3, S&P said. Hancock is buying Whitney Holding Corp. around that time, S&P said, adding that Whitney will be removed from the S&P SmallCap 600 Index and will be replaced by Kraton Performance Polymers Inc. PacWest Bancorp will move from the midcap gauge to the small-cap measure, S&P said.
San Francisco-based AMB Property, which buys and operates industrial properties in the U.S., has a market value of $6.13 billion. The shares have risen 47 percent in the past year, compared with a 42 percent gain for a Bloomberg index of warehouse and industrial real-estate investment trusts.