Canada's Seven Generations, ARC Resources shareholders approve deal
(Reuters) -The acquisition of Seven Generations Energy Ltd by ARC Resources Ltd has been approved by the shareholders of both Canadian companies, creating an energy firm with a dominant presence in the country's premier Montney shale region.
More than 95% of votes cast by ARC Resources' shareholders at a special meeting were in support of the deal, the company said on Wednesday at the end of the virtual meeting.
Seven Generations' shareholders also voted in favor of the transaction, the company said, without disclosing how many votes were cast in support of the deal.
The all-stock deal, announced in February, will create the country's sixth-largest energy firm valued at C$2.7 billion ($2.2 billion) with a capacity to produce more than 340,000 barrels of oil equivalent per day (boepd).
(Reporting by Arathy S Nair and Rithika Krishna in Bengaluru; Editing by Ramakrishnan M. And Sriraj Kalluvila)
