Pepsico Spinoff Triggers Changes in S&P 500 and S&P SmallCap 600 Indexes

Pepsico Spinoff Triggers Changes in S&P 500 and S&P SmallCap 600 Indexes

New York, NY, September 29, 1997 – Because of PepsiCo, Inc.’s spinoff of its restaurant businesses, Standard & Poor’s Financial Information Services will make the following changes in the S&P 500 and S&P SmallCap 600 Indexes after the close of trading on Monday, October 6, 1997.

  • Tricon Global Restaurants, Inc. (YUM) – which will consist of the KFC, Pizza Hut and Taco Bell chains now owned by S&P 500 component PepsiCo, Inc., (PEP) – will distribute to its shareholders one share of Tricon for every 10 PepsiCo shares held on that date.
  • In order to add Tricon to the S&P 500, The Stride Rite Corporation (SRR) will be transferred to the S&P 600 Index, where it will replace CellPro, Inc. (CPRO).  CellPro will not be added to another S&P Index at that time.

Tricon Global Restaurants will be added to the S&P 500 Restaurants industry group.  Stride Rite will be added to the S&P SmallCap 600 Footwear Industry group.

Following is a summary of the announced changes:

S&P 500 INDEX – OCTOBER 6, 1997
ADDED Tricon Global Restaurants, Inc. Consumer Staples Restaurants
DROPPED The Stride Rite Corporate Consumer Cyclicals Footwear
ADDED The Stride Rite Corporation Consumer Cyclicals Footwear
DROPPED CellPro, Inc. Health Care Biotechnology

Standard & Poor’s Financial Information Services, a division of The McGraw-Hill Companies, provides financial, economic and investment information, as well as analytical services, to the global financial community and commodity trading markets.

Standard and Poor’s calculates and maintain the S&P 500, S&P MidCap 400, S&P SmallCap 600 and the S&P Composite 1500 stock price indexes, which are widely considered key barometers of stock market activity and performance benchmarks for professional money managers.  Approximately $600 billion is currently indexed to the S&P 500.  Company additions to and deletions from the S&P equity indexes do not in any way reflect an opinion on the investment merits of the company.


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