July 14 (Reuters) – ARC Resources said on Tuesday its shareholders have voted in favor of being acquired by Shell, clearing another step for one of this year’s biggest energy sector deals.
Shell agreed earlier this year to acquire the Canadian natural gas producer in a $16.4 billion deal, as it seeks to expand its natural gas portfolio in North America.
ARC said 99.54% of votes cast at a special shareholder meeting supported the deal. Several key regulatory approvals have already been obtained, including competition clearances in Canada and the United States, it added.
The companies now await a hearing for approval at the Court of King’s Bench of Alberta, scheduled for Wednesday.
Last month, Shell paused its $3 billion share buyback until the shareholder vote to comply with securities law requirements for the acquisition. The Alberta Securities Commission has granted Shell relief from certain requirements related to its share repurchase programs in the United Kingdom and the Netherlands, satisfying another condition for the deal to close.
The transaction is expected to close in the second half of 2026. Following completion, ARC’s shares are expected to be delisted from the Toronto Stock Exchange.
(Reporting by Sumit Saha in Bengaluru; Editing by Joyjeet Das)
Comments