Deals
Canada Blocks Chinese Takeover of Aecon on Security Concerns
- Deal rejected ‘in order to protect national security’: Bains
- CCCC International Holding offered C$1.2 billion for Aecon
Canada Blocks Chinese Takeover of Aecon
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The Canadian government blocked a proposed takeover of construction firm Aecon Group Inc. by a unit of China Communications Construction Co. in the latest move by Western nations weighing national security concerns associated with Chinese investment.
Prime Minister Justin Trudeau’s government announced its decision Wednesday after launching a security review of the C$1.2 billion ($934 million) deal, according to a statement from Innovation Minister Navdeep Bains obtained by Bloomberg News. Aecon later confirmed the takeover offer by CCCC International Holding Ltd. had been rejected. A CCCC spokesman in Beijing said the company couldn’t immediately comment.