Suncor rebrands 'Red Square'
The fact Petro-Canada is gone for good has been etched in stone — literally.
Work crews were busy over the long weekend prying the Petro-Canada logo off a granite sign outside the former Crown corporation's headquarters and replacing it with the Suncor brand.
The imposing towers that made up the Petro-Canada Centre in downtown Calgary, nicknamed "Red Square" for its one-time status as a government-owned outfit, are now known as the Suncor Energy Centre.
Shares in the new company, now the biggest energy name in Canada began trading on the New York Stock Exchange on Monday and will make their debut on the Toronto stock market in a week.
John Stephenson, portfolio manager with First Asset Investment Management in Toronto, says institutional shareholders like himself are up to speed, but retail investors might be confused when they get their next investment statement.
Suncor and Petro-Canada announced their multibillion-dollar combination in March and officially wrapped up the transaction on Saturday.