ARC Resources shareholders have backed Shell's $22 billion acquisition of the Calgary-based natural gas producer, clearing a key hurdle for a deal that gives Shell access to ARC's holdings in the Montney shale. The transaction is expected to close in the second half of this year, pending remaining regulatory and court approvals.
ARC Resources shareholders voted in favour of Shell's plan to acquire the Calgary-based natural gas producer, with the company reporting that 99.54% of voting shareholders approved the transaction at a special meeting on Tuesday.
The deal, announced in April, is valued at $22 billion, accounting for ARC's debt. It would give Shell access to ARC's holdings in the Montney shale formation, which produced 374,000 barrels of oil equivalent per day last year, giving Shell access to ARC's Canadian natural gas holdings.
The company says it has obtained three key regulatory approvals so far, including those under the Competition Act, the Canada Transportation Act, and the United States' Hart-Scott-Rodino Antitrust Improvements Act of 1976. The deal is expected to close in the second half of this year once it receives all remaining regulatory and court approvals.
Source: CBC
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