ARC holders back $16.4 bln Shell takeover

ARC Resources shareholders have approved a plan of arrangement under which Shell will acquire the Canadian natural gas producer in a US$16.4 billion transaction. The vote provides key corporate approval for the deal and moves the companies to the next stage of the acquisition process.

At a special shareholder meeting held on July 14, 2026, approximately 99.54% of votes cast were in favour of the arrangement. The strong backing clears a major internal hurdle for ARC as it proceeds with the planned combination with Shell.

ARC and Shell have already obtained several regulatory approvals required for the transaction. These include competition clearances in both Canada and the United States, addressing a central aspect of antitrust scrutiny for the cross-border deal.

Despite this progress, the acquisition is not yet complete. The parties are awaiting a scheduled hearing at the Court of King’s Bench of Alberta, where they will seek final court approval of the plan of arrangement. Court approval is a standard requirement for transactions structured in this way under Alberta law.

The transaction is reported to be expected to close in the second half of 2026, subject to the remaining conditions being satisfied, including the court hearing. Upon completion, ARC’s shares are expected to be delisted from the Toronto Stock Exchange, removing the company from public equity markets.

The planned delisting will mark the end of ARC’s trading as an independent listed entity once the acquisition is finalized. Until closing, ARC remains listed and the companies continue to work through the remaining steps in the approval process.

In connection with the acquisition process, Shell has paused a US$3 billion share buyback program. The suspension was implemented until the shareholder vote in order to comply with securities-law requirements related to the transaction.

The pause in buybacks reflects Shell’s need to align its capital management activities with rules governing significant corporate transactions. With the shareholder approval now obtained, the companies remain focused on securing final court approval and closing the deal as expected in the second half of 2026.