ARC shareholders approve $16.4 billion Shell takeover deal

ARC Resources announced on Tuesday that its shareholders voted to be acquired by Shell, clearing a'step' for one of the biggest energy sector deals this year.

Shell acquired the Canadian Natural Gas Producer in an $16.4 billion deal earlier this year, in order to expand its portfolio of natural gas in North America.

ARC reported that '99.54 % of the votes cast during a special shareholders meeting favored the deal. It added that several regulatory clearances, including those for competition in Canada and the United States, had already been received.

The companies will now wait for an approval hearing at the Court of King's Bench of Alberta scheduled for Wednesday.

Shell's spokesperson stated that the company will resume its share-buyback program after the shareholder vote.

The spokesperson said that the remaining 2026 will include the buybacks of $3 billion we announced in Q1.

Shell suspended its $3 billion share buyback last month until the shareholder vote in order to meet the requirements of the'security law' for the acquisition. Shell has been granted relief by the Alberta Securities Commission from certain requirements related to its share purchase programs in the United Kingdom and Netherlands. This is another condition that must be met for the acquisition to close.

The transaction is expected to be completed in the second half 2026. After completion, ARC shares will be removed from the Toronto Stock Exchange. (Reporting and editing by Joyjeet Das in Bengaluru, Tasim Zaid)

(source: Reuters)