GE Aims to Meet Genworth Demand

The company plans to sell 38 million Genworth shares.
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GE

(GE) - Get Report

plans to offer 38 million

Genworth

(GNW) - Get Report

Class A common shares on Dec. 1 in order to meet the expected demand for the insurance company's stock following its addition to the

S&P 500

.

Standard & Poor's said after the close of trading Tuesday that Genworth, in which GE first offered shares in 2004, will replace

Calpine

(CPN)

in the S&P 500. The change will take place Thursday afternoon.

GE won't sell any additional Genworth shares this year and expects to part with its remaining stake in the company by the end of 2006. Morgan Stanley is managing the offering.

Shares of GE were up 16 cents to $36.09, and Genworth was gaining 52 cents to $34.52.