Shell Shell shareholders approve $16.4 Billion Shell deal

ARC Resources announced on Tuesday that its'shareholders voted for the acquisition by Shell, clearing a 'next step in completing?one of...this _year?s largest energy sector deals.

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

ARC reported that a majority of shareholders voted in favor of the deal. It added that several key regulatory approvals had already been received, including clearances for competition in Canada and the United States.

The companies are now awaiting an approval hearing at the Court of King's Bench of Alberta scheduled for tomorrow.

Shell suspended its $3 billion share repurchase last month until shareholders voted to meet the requirements of securities law for the acquisition. Shell has been granted relief by the Alberta Securities Commission from certain requirements related to its share repurchase program in the United Kingdom, and Netherlands. This is a condition that was needed for the deal to close.

The transaction should close by the second half of 2026. After?completion?, ARC shares?are likely to be delisted by the Toronto Stock Exchange. (Reporting and editing by Joyjeet Das in Bengaluru, Sumit Saha is based in Bengaluru)

(source: Reuters)