General Motors Rejoins S&P 500 After Four Years

June 4
1:20 AM 2013

H.J Heinz Co. will be replaced by General Motors Co. (GM) in the Standard & Poor's 500 Index. This is after the trade closing on June 6. The automaker will be rejoining S&P 500 after having been dropped off due to the company's bankruptcy in 2009. On the other hand, Heinz will be taken by Berkshire Hathaway Inc. and Jorge Paulo Lemann. The total cost for the buyout summed to US$23 billion.

GM CEO Dan Akerson stated in an email that the General Motors team are working very hard to gain back its customers confidence. By rejoining S&P, it has proved that GM is very much on the right track.

According to the S&P website, the revisions in the company can possibly prompt money managers to shift holdings. This will be able to match indexes and a hefty US$5.58 trillion is benchmarked to the meter. On the other hand, AIG will take the spot of Baker Hughes Inc. in the S&P 100. 

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