Norway's state-controlled champion Statoil is set to approve a name change tomorrow, paving the way for a new life as Equinor starting Wednesday. The company has established a presence, meanwhile, outside of the conventional energy sector.
The Company will announce the result of the voting after the AGM on 15 May 2018 and expects to announce the implementation of the name change before 09:00 (CEST) on 16 May 2018.
President and CEO Eldar Sætre previously said: "Looking towards the next 50 years, reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name".
The ticker symbol for Norwegian energy major Statoil, STL, leaves the market this week when the company officially changes its name to Equinor, it said Monday.
"The world is changing, and so is Statoil", explained chair of the board in Statoil, Jon Erik Reinhardsen back in March. The proposal will be voted on at an annual general meeting on May 15.
Subject to the AGM's approval of the name change and subsequent implementation, the new ticker "EQNR" is also expected to be implemented for the Company's American Deposit Rights (ADRs) traded on the New York Stock Exchange (NYSE). "It served us really well for 50 years, I don't think it will be the best name for the next 50 years".
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