Statoil To Rename Itself Equinor
Oil majors aren’t famed for their pranks, but Statoil ASA had analysts checking it wasn’t April Fool’s Day when it announced a new name that turned out to have been acquired from an Oslo veterinary practice specializing in horses.
“We checked the calendar,” SpareBank 1 Markets analyst Teodor Sveen Nilsen said in a note to clients. “It’s not April 1.”
Should shareholders back the change at its annual general meeting in May, Statoil will be called Equinor, a name intended to reflect the Norwegian oil company’s commitment to cleaner energy sources. Initial reactions on Twitter suggest not everyone is convinced by a rebranding exercise that Chief Executive Officer Eldar Saetre said could cost as much as 250 million kroner ($32 million).
“I don’t expect Equinor to be love at first sight for everyone,” the CEO told reporters in Oslo on Thursday. “Give it a little time, let it mature. I feel very confident that this is right and important for the company to do.
new resource: Bloomberg