The Financial Post reports in its Thursday edition that a move by TransCanada to change its name to TC Energy will help it attract investors who are "leery" of putting money in anything Canadian given the country's recent difficulty in building energy projects, a U.S.-based financial analyst said Wednesday.
A Canadian Press dispatch to the Post says that the company and a Canadian analyst disagreed, saying the name change recognizes that TransCanada has grown outside the country, with moves including its recent $13-billion (U.S.) purchase of U.S. natural gas transporter Columbia Pipeline Group and a growing list of projects in Mexico. The name change was announced a day after rallies were staged in cities across Canada in support of Northern B.C. indigenous people who are trying to stop a TransCanada subsidiary from building the Coastal GasLink natural gas pipeline project.
"Some investors have grown leery of investing in Canada. I think this is a way to de-emphasize Canada, quite frankly," said analyst Jennifer Rowland at Edward Jones in St. Louis.
However, Calgary analyst Matthew Taylor of Tudor Pickering said he accepts the company's explanation, adding the move has been talked about for some time.
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