January 16, 2019 / 5:19 PM / 7 months ago

PG&E to get pulled out of S&P 500, shares near 2001 lows

FILE PHOTO: PG&E works on power lines to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photo

** Embattled power utility company PG&E Corp (PCG.N) will be replaced by healthcare equipment maker Teleflex Inc (TFX.N) in the S&P 500 .SPX on Friday

** PG&E shares were down 4.1 pct, trading near 2001 lows following its plans to seek Chapter 11 protection in the wake of large potential claims related to California’s catastrophic wildfires

** Session’s decline bring PCG’s WTD decline to ~61 pct; Co said on Sunday CEO Geisha Williams stepped down and announced bankruptcy protection plans on Monday

** Teleflex will be replaced by consumer finance co Green Dot GDOT.O in the S&P MidCap 400 index, S&P Global said; TFX shares dip 1.2 pct

** Softwood pulp producer Mercer International Inc (MERC.O) will replace Green Dot in S&P SmallCap 600 index; MERC jumps 15.7 pct and GDOT drops 2.7 pct

** Changes will be reflected before trading opens on Friday, S&P said

Reporting by Sruthi Shankar in Bengaluru

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