Aecon Pulls Out of Gordie Howe Bridge Bidding Amid Chinese Takeover
- CEO says decision was based on recent contruction wins
- Chinese company takeover has nothing to do with decision: CEO
Aecon Group Inc. signage is displayed on a truck parked at a construction site in Toronto, Ontario, Canada.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Canadian construction company Aecon Group Inc., the target of a takeover by a Chinese rival, has withdrawn from a group bidding on a new bridge connecting Detroit and Windsor, Ontario.
John Beck, Aecon’s chief executive officer, said the decision to withdraw from bidding on the Gordie Howe International Bridge has nothing to do with the proposed C$1.2 billion ($930 million) takeover by China Communications Construction Co Ltd. The deal is being reviewed by the Canadian government on national security grounds.