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Wachovia, two other banks to be replaced on S&P 500
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Published: December 25, 2008
NEW YORK - Wachovia Corp., Merrill Lynch & Co. and National City Corp. will be dropped from the S&P 500 Index after the three are taken over in pending deals, Standard & Poor's said Tuesday.
Bank of America Corp. is buying Merrill Lynch, Wells Fargo & Co. is buying Wachovia, and PNC Financial Services Group Inc. is acquiring National City.
Scana Corp., a power and utility company, will replace Merrill, while Owens-Illinois Inc., a maker of glass containers, will replace Wachovia in the S&P 500.
Merrill and Wachovia also are constituents of the S&P 100 Index and will be replaced in that index by Amazon.com Inc. and Costco Wholesale Corp., respectively.
FLIR Systems Inc., which makes thermal-imaging systems, will replace National City in the S&P 500.
All changes are effective after the close of trading Wednesday.
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