Aecon takeover deal remains unresolved as company posts $19.2M loss for quarter
By The Canadian Press
Construction InfrastructureThe construction company has self-imposed a July deadline on the acquisition as Ottawa conducts a national security review of the deal
The company has worked on a long list of high-profile Canadian construction projects, including the CN Tower and Halifax shipyard
TORONTO—Aecon Group Inc. says it’s focused on securing and completing projects while it continues to move forward with a proposed takeover by CCCC International Holding Ltd.
The engineering firm says it booked $910 million in new contract awards in the quarter ending March 31, compared to $836 million for the same period last year.
The company says it had a loss of $19.2 million, or 32 cents per share, in the quarter, compared to a loss of $18.3 million or 32 cents per share last year.
Aecon says it had a work backlog of $4.6 billion at the end of March, compared to $4.2 billion at the end of December.
Last October, the CCCC International Holding Ltd., of China made a $1.5-billion bid to acquire Aecon Group Inc., which 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.
At the end of March, Aecon extended until July 13 a self-imposed deadline to close the transaction as Ottawa continues its national security review of the deal.
Earlier this month, an Ipsos poll found that nearly three-quarters of Canadians oppose the proposed sale.
