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ARC Resources Wins Shareholder Backing for Shell Acquisition

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ARC Resources said Tuesday its shareholders approved the previously announced arrangement with Shell (SHEL), moving the proposed transaction closer to completion.

Shell agreed earlier this year to acquire the Canadian natural gas producer in a transaction valued at about $16.4 billion, including debt, expanding its position in Canada's Montney shale basin.

ARC said 99.54% of votes cast at a special shareholder meeting supported the deal.

ARC added that it has secured key regulatory approvals under the Competition Act, the Canada Transportation Act, and the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The Alberta Securities Commission also granted Shell exemptive relief for its UK and Netherlands share buyback programs, thereby satisfying another closing condition.

The Court of King's Bench of Alberta is scheduled to hear the arrangement application on Wednesday. Subject to court approval, remaining regulatory clearances and customary closing conditions, ARC expects the transaction to close in the second half of 2026.

Following completion, ARC expects its shares to be delisted from the Toronto Stock Exchange, the company said.

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