by Christopher Freeburn | October 22, 2013 9:26 am
Shares of Transocean (RIG) surged more than 4% in pre-market trading on Tuesday after it was announced that the stock would join a prominent index.
On Monday, S&P Dow Jones said that the offshore drilling contractor will join the S&P 500 index after the markets close on October 28. Transocean will be added to the index to replace Dell (DELL), which is being taken private, Forbes noted.
Switzerland-based Transocean will become part of the S&P Oil & Gas Drilling Sub-Industry index.
Struggling computer equipment maker Dell is being acquired by a partnership between its founder Michael Dell and equity firm Silver Lake Partners in a deal valued at $24.8 billion.
Activist investor Carl Icahn had challenged the deal to take Dell private earlier this year, but the deal ultimately was approved by shareholders.
Icahn also holds a stake in Transocean.
Source URL: http://investorplace.com/2013/10/transocean-replace-dell-sp-500/
Short URL: http://invstplc.com/1fqYqi8