ARC Resources Ltd. and Seven Generations Energy Ltd. announced Wednesday a strategic combination of the two Montney producers. Arc and Seven Generations say they expect to generate cost savings from synergies of about $110 million per year by 2022 while continuing to pay Arc's quarterly dividend of six cents per share. Canadia's ARC Resources Ltd and Seven Generations Energy Ltd said on Wednesday they have entered a C$8.1 billion ($6.38 billion) all-stock merger agreement that ⦠ARC Resources Ltd and Seven Generations Energy Ltd have entered a $8.1 billion all-stock merger agreement that will create Canadaâs sixth-largest energy company. Before it's here, it's on the Bloomberg Terminal. The companies are among the largest drillers into the Montney, a sprawling underground formation that straddles the Alberta-B.C. Shareholders owning more than 95 per cent of the stock in Arc Resources Ltd. have approved its merger with fellow Calgary-based producer Seven Generations Energy Ltd. to ⦠At a brief special virtual meeting on Wednesday, Arc chairman Hal Kvisle, who will have the same role in the merged company, said the motion to issue ⦠"I would like to welcome all of the Seven Generations employees who will be joining the Arc team," Kvisle said. Detailed voting statistics released Wednesday afternoon showed that 96.08 per cent of the votes cast by Arc shareholders and 99.41 per cent of the Seven Generations votes were in favour of the merger. By: Dan Healing, The Canadian Press Posted: 8:12 AM CST Thursday, Feb. 11, ⦠The merged gas producer will take the ARC name and produce 130,000 barrels of oil equivalent a day, consisting mostly of gas and condensate from the Montney, a shale formation that stretches between Alberta and British Columbia. The tie-up follows several other Canadian energy deals. Seven Generations was founded in 2008, while Arc began in 1996. Arc and Seven Generations said they expect to generate cost savings from synergies of about $110 million per year by 2022 while continuing to pay ARCâs quarterly dividend of ⦠Have a confidential tip for our reporters? CALGARY -- Shareholders owning more than 95 per cent of the stock in Arc Resources Ltd. have approved its merger with fellow Calgary-based producer Seven Generations Energy Ltd. to create Canada's sixth largest oil and gas company. border. It will be Canadaâs largest condensate ⦠The companies say they have entered into a definitive agreement to combine in an all-share transaction valued at approximately $8.1 billion, inclusive of ⦠The merger will see ARC shareholders pay a relatively small premium and end up with 49% of the enlarged company, while Seven Generations investors will own the rest. ARC Resources remains undervalued even after the merger between ARC and Seven Generations was approved by shareholders. The combined company will become the biggest operator in Western Canadaâs premier Montney shale play, producing more than 340,000 barrels of oil equivalent per day (boepd). ARC Resources Ltd. and Seven Generations Energy Ltd. announced Feb. 10 a strategic combination of the two premier Montney producers. In an earlier meeting, shareholders of Seven Generations also voted to approve the deal. The offer of 1.108 Arc shares for each Seven Generations share values Seven Generations at about $2.86 billion at Tuesday's Arc closing price of $7.76. The combined company will continue to focus on significant free funds flow generation through a responsible and disciplined approach to development while creating superior and enduring value for all shareholders. ARC and Seven Generations share a commitment to ESG excellence, including managing risks around all aspects of the business, ensuring employees' and ⦠Seven Generations was founded in 2008, while Arc began in 1996. Asia Stocks Open Higher as Inflation Fears Recede: Markets W... Money Managers Say Itâs Time to Get Picky in Emerging Market... Chinaâs Inflation-Defying Bond Rally Faces $15 Billion Test, U.S. Economic Rebound Proves More a Grind Than a Boom, China to Keep Up Momentum With Broadening Recovery: Eco Week, A New Era of Short Bets Against German Bonds Is Beginning. The combined company will continue to focus on significant free funds flow generation through a responsible and disciplined approach to development while creating superior and enduring value for all shareholders. Canada's Seven Generations Energy shareholders on Wednesday approved ARC Resources Ltd's plans to buy the company, paving the way ⦠The deal was valued at $8.1 billion including debt when announced in February. ARC shares closed at $7.42 on the Toronto Stock Exchange on Wednesday, while Seven Generations shares closed at $8.02. Shares of both companies jumped in Toronto trading Thursday, indicating investors were pleased with the deal.
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