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ARC announced on Tuesday that the arrangement was approved by approximately 99.54 percent of the votes cast by ARC shareholders, present online or represented by proxy at a special meeting.
The company said thati it continues to advance the approvals required in connection with the proposed arrangement.
“To date, three key regulatory approvals necessary for closing of the arrangement have been obtained, including approvals under the Competition Act, the Canada Transportation Act, and the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (United States),” it said.
The Alberta Securities Commission has also granted Shell with exemptive relief from applicable requirements in connection with Shell’s share buyback programs on the UK and Netherlands markets, a condition to closing the arrangement.
Also, ARC said the application for approval of the arrangement by the Court of King’s Bench of Albert is scheduled to be heard on July 15.
Subject to the receipt of the Court approval, as well as certain other remaining regulatory approvals and the satisfaction of other customary closing conditions, the arrangement is expected to close in the second half of 2026, and the ARC Shares are expected to subsequently be delisted from the Toronto Stock Exchange (TSX), the company added.
Shell boosting LNG in Canada
In April, Shell announced the acquisition, saying that ARC’s proved plus probable gas reserves have the potential to support its LNG growth in Canada.
Last year, ARC reported production of 374 thousand barrels of oil equivalent per day (before royalty burdens).
Its operations are situated in the same region as Shell’s existing Groundbirch asset in British Columbia and the Gold Creek project in neighboring Alberta.
Shell’s Groundbirch assets supply gas to the LNG Canada liquefaction plant, in which Shell has a 40 percent operating stake, and the domestic gas market.
ARC’s business will therefore also be reported as part of Shell’s integrated gas division.
