NEW YORK, June 3 /PRNewswire/ -- Lorillard Inc. (NYSE: LO) will replaceAmbac Financial Group Inc. (NYSE: ABK) in the S&P 500 after the close oftrading on Tuesday, June 10. Lorillard is being distributed to the public viaa two-tier process involving 1) the retirement of the tracking stock CarolinaGroup (NYSE: CG), in exchange for which approximately 62% of Lorillard'scommon stock will be issued, and 2) an offer in which shares of S&P 500constituent Loews Corp. (NYSE: LTR) can be exchanged for the remaining sharesof Lorillard. As of today's close of trading Ambac's market capitalizationwas roughly $860 million, ranking 500th in the index.
Standard & Poor's will monitor this transaction, and post any relevantupdates on its website: www.standardandpoors.com.
Lorillard is a producer and seller of cigarettes, under brand namesincluding Newport, Kent, True, Maverick and Old Gold. Headquartered inGreensboro, NC, the company will be added to the S&P 500 GICS (Global IndustryClassification Standard) Tobacco Sub-Industry index.
Following is a summary of the changes:
S&P 500 INDEX - June 10, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Lorillard Consumer Staples Tobacco DELETED Ambac Financial Financials Property & Casualty Insurance
Additions to and deletions from an S&P equity index do not in any wayreflect an opinion on the investment merits of the companies concerned.
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SOURCE Standard & Poor's
