- Punch Taverns PLC (United Kingdom, SEDOL: 3155286, GICS: Consumer Discretionary, GICS Code: 25301040) will replace Scottish Power Plc (United Kingdom, SEDOL: B125RK8, GICS: Utilities, GICS Code: 55101010) in the S&P Europe 350 and S&P United Kingdom indices, following the acquisition of Scottish Power by fellow S&P Europe 350 constituent, Iberdrola S.A.
The acquisition remains subject to Court hearings to sanction the Scheme and to confirm the reduction of Scottish Power’s share capital, which will to be held on 19 and 23 April 2007 respectively. Scottish Power PLC shares will be suspended on the London Stock Exchange as of close of business on 19 April 2007, and will be held in the index at the closing price on this day.
Punch Taverns PLC owns leased and tenanted pubs in the United Kingdom. The number of shares outstanding will be 265,174,000 and the Investable Weight Factor will be 1. The company will be added to the S&P Europe 350 GICS (Global Industry Classification Standard) Restaurants sub-industry.- Iberdrola SA (Spain, SEDOL: 4424640, GICS: Utilities, GICS Code: 55101010), a member of the S&P Europe 350, S&P Euro Plus and S&P Euro indices shares will increase to 1,146,643,667. The change is the result of the company’s acquisition of Scottish Power PLC.
Following is a summary of the announced addition and deletion:
| S&P Europe 350, S&P Euro Plus, S&P Euro and S&P United Kingdom – close of trading 23 April 2007 | |||
| COMPANY | GICS ECONOMIC SECTOR | GICS SUB-INDUSTRY | |
| ADDED | Punch Taverns PLC | Consumer Discretionary | Restaurants |
| DELETED | Scottish Power | Utilities | Electric Utilities |
