Shell's $22B purchase of ARC Resources gets nod from Calgary company's shareholders

The blockbuster deal is among the largest in many years for Canada’s oilpatch, which has seen renewed attention from global investors.

Calgary-based natural gas producer ARC Resources Ltd. says the vast majority of its shareholders approved a takeover by global supermajor Shell PLC for $22 billion. Announced in April, the blockbuster deal is among the largest in many years for Canada’s oilpatch, which has seen renewed attention from global investors amid an ongoing conflict in the Middle East. The deal is widely seen as a strong endorsement of a proposed massive expansion at LNG Canada’s shipping terminal on British Columbia’s coast.

Shell is a major shareholder in the project, which would become the second largest in the world if the joint-venture partners green-light a second phase. A convincing 99.54 per cent of the votes cast by ARC shareholders endorsed the deal. “This important milestone reinforces the merits of the transaction and the value it stands to generate,” Shell said in a statement.

Shell will gain ARC’s infrastructure in the Montney resource play in northern Alberta and British Columbia, making the company one of Canada’s biggest natural gas producers. The deal is expected to close in the second half of 2026, subject to regulatory approvals. swilhelm@postmedia.com