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. It added that several regulatory approvals had already been obtained, including competition clearances in Canada and the United States.
The companies now await a hearing for approval at the Court of King’s Bench of Alberta, scheduled for Wednesday.
A Shell spokesperson said the company would resume its share buyback programme following the completion of the shareholder vote.
“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.
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. After completion, ARC’s shares are expected to be delisted from the Toronto Stock Exchange.
(Reporting by Sumit Saha in Bengaluru; Editing by Joyjeet Das and Tasim Zahid)