Canada Blocks Calgary’s Aecon Takeover by Chinese State-owned Firm

The federal government has blocked the proposed C$1.5-billion takeover of Calgary-headquartered Aecon Group Inc., a company focused on designing, building, financing and operating infrastructure assets, by a Chinese state-owned company for reasons of national security. After markets closed on May 23, 2018, the Minister of Innovation, Science and Economic Development, Navdeep Bains, confirmed the government's decision to prevent CCCC International Holding Ltd., one of the world’s largest engineering and construction firms, from acquiring Aecon. Ottawa announced a full national security review process under the Investment Canada Act of the Aecon deal in February. Aecon has a long history of participation in Canadian construction and engineering projects such as the CN Tower, Vancouver's SkyTrain, the St. Lawrence Seaway and the Halifax shipyard.

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