Regulatory clearance is done. Customary close is not
ARC Resources (TSX: ARX) said August 25 the Government of Canada approved the Shell plc / Shell Canada arrangement under the Investment Canada Act. That was the last major federal clearance the company flagged. Close is expected on or about September 2, subject to satisfaction or waiver of customary closing conditions. Do not write ARX as already owned by Shell on September 1.
The April 27 deal is a cash-and-share takeout valued at about $22 billion including assumed net debt. ARC shareholders approved the arrangement on July 14. The Court of King's Bench of Alberta granted the final order July 15. Before ICA, ARC said it had Competition Act, Canada Transportation Act, and Hart-Scott-Rodino approvals, plus Alberta Securities Commission exemptive relief for Shell buybacks on UK and Netherlands markets.
This is a Montney and condensate producer leaving the public board, not a volume guidance change. The August 26 desk piece covered ICA clearance and a September 2 close target. Today's note is the one-day countdown.