12th Jun 2026 14:06
(Alliance News) - Shell PLC on Friday announced a pause in its USD3.0 billion share buyback programme until mid-July.
The London-based oil major said that following publication of the ARC Resources Ltd shareholder circular, and due to related securities law requirements that apply to Shell, the programme is suspended from Friday until including July 14, the published date of the ARC Resources shareholder meeting.
ARC Resources on Friday announced that its shareholders on July 14 will vote on whether to approve a multi-billion dollar takeover by Shell, which had announced its plan to buy ARC Resources back in late April.
The board of ARC Resources unanimously recommends shareholders vote in favour of the deal.
Shell in late April said ARC shareholders would be entitled to receive 0.40247 of an ordinary share of Shell as at the latter's share price published on April 24, plus CAD8.20 in cash in exchange for each Arc share, representing total consideration of CAD32.80 per ARC Resources share.
The deal equates to an enterprise value of around USD16.4 billion, Shell said back in April.
If shareholders back the deal, ARC Resources expects its takeover by Shell to become effective in the second half of 2026.
Shell shares fell 3.1% to 3,174.00 pence each on Friday afternoon in London. ARC Resources shares had closed flat at CAD31.82 each on Thursday in Toronto.
By Tom Budszus, Alliance News slot editor
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