By Maria Armental

Citizens Financial Group Inc. (CFG) will replace Precision Castparts Corp. (PCP) in the S&P 500 on Friday after the market closes, S&P Dow Jones Indices said Tuesday.

Portland-based Precision Castparts is being bought out by Warren Buffett's Berkshire Hathaway in what would be the conglomerate's largest takeover to date.

Meanwhile, RE/MAX Holdings Inc. (RMAX) will replace Pep Boys - Manny Moe & Jack (PBY) in the S&P SmallCap 600 after the close of trading on Feb. 2. The auto parts and repair chain is being bought by Carl Icahn's Icanhn Enterprises LP.

Shares of companies that join the indices often rise as portfolio managers who track the indices buy shares.

Providence, R.I.-based Citizens's stock rose 3.8% to $21.06 in late trading, while Denver-based RE/MAX's stock rose 2.7% to $33.76.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

January 26, 2016 18:39 ET (23:39 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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