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Aecon Group wins two regulator approvals for $1.5B sale to Chinese buyer


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December 11, 2017 by The Canadian Press

Aecon crews working on the Milton replacement Phase 2B, which involves the installation of approximately 1,500 metres of 26-in. steel and 1,500m of 34-in. steel gas main in Milton. Ont. Aecon, in a joint venture, was recently awarded a $600-million contract for the installation of 560 kilometres of underground pipeline running from Edmonton, Alta. to Fort McMurray, Alta. Photo courtesy of Aecon Group Inc.

Aecon crews working on the Milton replacement Phase 2B, which involves the installation of approximately 1,500 metres of 26-in. steel and 1,500m of 34-in. steel gas main in Milton. Ont.

Construction company Aecon Group Inc. says it has received two regulatory permissions needed for it to be sold to a Chinese state-owned company for $1.5 billion.

The deal with CCCC International Holding Ltd., however, still faces a review under the Investment Canada Act.

Aecon says it has received a “no action” letter granting approval under the Canadian Competition Act and it has been advised by the buyer that it has approval from the National Development and Reform Commission, a Chinese economic planning regulator.

It says both approvals were required for closing of the deal announced in October.

Shareholders in the 140-year-old firm, which has worked on Canadian landmarks including the CN Tower, Vancouver’s SkyTrain and the Halifax Shipyard, are to vote on the sale in Toronto on Dec. 19.

SOURCE The Canadian Press


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