ARC Resources shareholders have overwhelmingly approved the company’s previously announced acquisition by Shell, moving the transaction one step closer to completion as the companies continue securing the remaining regulatory approvals.
At a special shareholder meeting Tuesday, approximately 99.5% of votes cast supported the proposed plan of arrangement under which Shell will acquire ARC Resources.
The companies said the transaction has already received several key regulatory approvals, including clearances under Canada’s Competition Act and Canada Transportation Act, as well as approval under the U.S. Hart-Scott-Rodino Antitrust Improvements Act.
In addition, the Alberta Securities Commission has granted Shell exemptive relief related to its share repurchase programs in the United Kingdom and the Netherlands, satisfying another condition required for the transaction to proceed.
The proposed arrangement is scheduled to be reviewed by the Court of King’s Bench of Alberta on July 15. Subject to court approval, receipt of the remaining regulatory clearances and satisfaction of customary closing conditions, the companies expect the transaction to close during the second half of 2026.
Following completion of the acquisition, ARC Resources’ common shares are expected to be delisted from the Toronto Stock Exchange.