AMB Property will replace ProLogis in S&P 500 index on June 2, when AMB's buyout of ProLogis is complete; once deal closes, AMB will be renamed ProLogis Inc., trade under ticker symbol 'PLD'

Cindy Allen

NEW YORK , May 26, 2011 (Associated Press) – Standard & Poor's said Thursday that AMB Property Corp. will replace ProLogis in the S&P 500 index at the close of regular trading on June 2, when AMB's buyout of the industrial real estate owner is expected to be completed.

Once the deal closes, AMB Property will be renamed ProLogis Inc. and will trade under the ticker symbol "PLD."

Dresser-Rand Group Inc., which supplies rotating equipment products, will take AMB Property's spot in the S&P MidCap 400 on the same day.

Several other index changes will take place at the close of trading on June 3.

Hancock Holding Co., which is in the S&P SmallCap 600, will trade spots with PacWest Bancorp, which is in the S&P MidCap 400. And Kraton Performance Polymers Inc. will take over Whitney Holding Corp.'s slot in the S&P SmallCap 600.

Hancock, which provides a range of banking and financial services, is acquiring Whitney in a deal expected to be completed on June 3.

PacWest Bancorp's market capitalization is below $775 million, making the commercial banking services provider more representative of the small cap market space, S&P noted.

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