Oil giant Shell agrees to buy Canada’s ARC Resources for $16.4 billion

British oil major Shell on Monday said it agreed a deal to buy Canadian energy company ARC Resources in a deal valued at $16.4 billion.

"ARC is a high-quality, low-cost and top quartile low carbon intensity producer operating in the Montney shale basin that complements our existing footprint in Canada and strengthens our resource base for decades to come," Shell CEO Wael Sawan said in a statement.

"We are accessing uniquely positioned assets and welcoming colleagues that bring deep expertise which, combined with Shell's strong basin level performance, provides a compelling proposition for shareholders," he added.

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