Shareholders of Canadian natural gas producer ARC Resources have overwhelmingly approved the company’s proposed acquisition by energy giant Shell, moving the multi-billion-dollar transaction closer to completion.
The approval marks another major milestone in Shell’s planned acquisition of ARC Resources in a deal valued at approximately $16.4 billion, aimed at expanding the company’s natural gas operations across North America.
According to ARC Resources, 99.54% of votes cast during a special shareholders’ meeting supported the acquisition. The company also confirmed that it has already secured several key regulatory approvals, including competition clearances from authorities in both Canada and the United States.
The transaction is now awaiting approval from the Court of King’s Bench of Alberta, with a hearing scheduled to take place on Wednesday.
Following the shareholder vote, a Shell spokesperson announced that the company plans to resume its share buyback programme, which had been temporarily suspended during the acquisition process.
The spokesperson explained that the remaining portion of the company’s previously announced $3 billion share buyback programme is expected to be completed before the end of 2026, subject to approval by Shell’s board of directors.
Shell had paused the buyback programme last month to comply with securities regulations related to the acquisition. The Alberta Securities Commission has since granted the company exemptions from certain requirements affecting its share repurchase programmes in the United Kingdom and the Netherlands, clearing another hurdle for the transaction.
The acquisition is expected to be completed during the second half of 2026. Once finalised, ARC Resources’ shares will be removed from trading on the Toronto Stock Exchange.
