(Reuters) - S&P Dow Jones Indices LLC said it will replace retailer Sears Holdings Corp (SHLD.O) with chemical maker LyondellBasell Industries NV (LYB.N) in its S&P 500 index .SPX after the closing of trading on September 4.
“Sears’ public float has been well below the 50 percent threshold for inclusion for an extended period of time and is no longer considered representative of the index,” S&P Dow Jones Indices said in a statement.
LyondellBasell’s shares were up 4 percent at $49.20 in extended trading, while those of Sears, which operates its namesake department stores and the Kmart discount chain, were down 2 percent.
Sears’ shares closed at $57.45 on the Nasdaq and LyondellBasell’s at $47.29 on the New York Stock Exchange on Wednesday.
Reporting by Arpita Mukherjee in Bangalore; Editing by Maju Samuel