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S&P 500 Index Won't List DaimlerChrysler

October 03, 1998| Associated Press

The Standard & Poor's 500 index will not list the stock that will result from the merger of Chrysler Corp. and Germany's Daimler-Benz, citing its long-standing policy of not including non-U.S. companies in the index. The omission will force mutual funds that buy stocks to reflect the performance of the S&P 500 to sell Chrysler holdings. Chrysler said it was disappointed with the decision but "confident that many other leading indices will embrace" DaimlerChrysler. The company maintains it will be a transnational company with dual headquarters in Germany and in Auburn Hills, Mich., after the merger, which is expected to be completed by mid-November. Chrysler shares rose 19 cents to close at $43.25 on the NYSE.

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