ARC Investors Back $16.4 Billion Acquisition by Shell

Key Moments

Shareholders Overwhelmingly Endorse Shell Acquisition

ARC Resources said on Tuesday that its shareholders voted to approve the company’s acquisition by Shell, advancing one of the largest energy deals announced this year.

Shell had agreed earlier in the year to buy the Canadian natural gas producer in a transaction valued at $16.4 billion, as part of its strategy to broaden its natural gas presence in North America.

At a special shareholder meeting, 99.54% of the votes cast supported the takeover, ARC reported.

Regulatory Progress and Court Approval Timeline

ARC stated that several regulatory consents have already been secured, including competition approvals in both Canada and the United States.

The companies are now awaiting a hearing at the Court of King’s Bench of Alberta, which is scheduled for Wednesday and represents another step toward finalizing the deal.

Share Buyback Program and Securities Law Considerations

A Shell spokesperson said the company would restart its share repurchase program now that the shareholder vote has been completed.

“The portion of the $3 billion buybacks we announced at Q1 that was not undertaken due to the necessary suspension of the program will be made up in the remainder of 2026 (subject to board approval),” the spokesperson added.

Shell had halted its $3 billion share buyback last month until the shareholder vote, in order to comply with securities law requirements tied to the acquisition. The Alberta Securities Commission granted Shell relief from certain obligations related to its share repurchase activities in the United Kingdom and the Netherlands, fulfilling another condition for the transaction to move forward.

Deal Completion Outlook and Listing Status

The companies expect the acquisition to close in the second half of 2026.

Following completion of the transaction, ARC said its shares are expected to be removed from listing on the Toronto Stock Exchange.

Key Transaction Details