Major broker Arthur J. Gallagher (AJG) is set to be promoted to the Standard & Poor's 500, replacing beverage manufacturing and bottling operation giant Coca-Cola Enterprises in the index.
The Illinois-based insurance brokerage and risk management services provider will be added to the S&P 500 global industry classification standard insurance brokers sub-industry index.
In the S&P MidCap 400, AJG will be replaced by Education Realty Trust, a real estate investment trust based in Memphis, Tennessee that develops, acquires, owns and manages collegiate housing communities located near university campuses.
Education Realty Trust will be replaced in the S&P SmallCap 600 by American Axle & Manufacturing Holdings, a manufacturer of automobile driveline and drivetrain components and systems that is based in Detroit, Michigan.
All the reported changes will be effective after the close of trading on Friday, May 27, when Coca Cola Enterprises merges with Coca-Cola Iberian Partners SA and Coca-Cola Erfrischungsgetränke AG.
The merger will result in the formation of a new company called Coca-Cola European Partners Plc.
The deal is expected to be completed on Friday pending final conditions.