30 August 2012 02:31 [Source: ICIS news]
HOUSTON (ICIS)--Netherlands-based LyondellBasell Industries will join the S&P 500 index of top publicly traded companies on 4 September, replacing Sears, S&P said on Wednesday.
The S&P 500 is a stock market index based on the common stock prices of 500 top publicly traded American companies.
“Sears' [a US retail store chain] public float has been well below the 50% threshold for inclusion for an extended period of time and is no longer considered representative of the index,” S&P said in a press release.
A public float is generally defined as the number of outstanding in the hands of public investors as opposed to company officers, directors, or controlling-interest investors, according to Wikipedia.
Headquartered in Rotterdam, the Netherlands, LyondellBasell makes and sells chemicals and polymers and refines oil. It has annual revenues of about $51bn (€40bn) and more than 14,000 employees worldwide.
Shares of LyondellBasell on the New York Stock Exchange closed at $47.29, down by 19 cents on Wednesday.
($1 = €0.79)
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