US Ashland will be moved from the S&P 500

11 November 2008 23:25  [Source: ICIS news]

HOUSTON (ICIS news)--Shares of US water chemicals producer Ashland fell on Tuesday by more than 4% after it was removed from the Standard & Poor's (S&P) 500.

Ashland shares last traded at $19.15 (€14.94), down 87 cents. On 29 May, it reached a 52-week high of $58.58.

Effective on Thursday, S&P will list Ashland in its MidCap 400 index. S&P said it is making the change because of Ashland's pending $3.3bn acquisition of Hercules.

Once the deal closes, the combined company will have a market value that is appropriate for the MidCap 400, S&P said. The MidCap 400 represents a mid-cap range of companies.

The S&P 500 focuses on the large-cap sector of the market. Companies in the 500 are considered to be leading companies in leading industries, S&P said.

($1 = €0.78)

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By: Al Greenwood
+1 713 525 2653

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