The S&P 500 and S&P 100 indices will undergo a makeover at the close of trading Wednesday, the last day of 2008, following the finalization of three mergers of financial companies.
Merrill Lynch (MER Quote) and Wachovia (WB Quote), acquired earlier this year by Bank of America (BAC Quote) and Wells Fargo (WFC Quote), respectively, will be deleted from the S&P 500 and S&P 100 indices at the close of trading, pending final approvals.
In October, Wells Fargo said will pay $15.1 billion for Wachovia in an all-stock transaction, beating out a previous bid by Citigroup (C Quote) that would have seen the Federal Deposit Insurance Corp. take on the majority of risk in Wachovia's loan portfolio. That followed the September acquisition of Merrill Lynch by Bank of America in a deal worth $50 billion, which came on the heels of the Lehman Brothers bankruptcy. ...
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