Aecon extends deadline to complete China takeover deal as federal review continues
by The Canadian Press
Ottawa is taking a close look at the acquisition, having ordered a national security review of the deal last month
TORONTO—Aecon Group Inc. is extending the deadline to complete its deal to be acquired by a Chinese state-owned business as Ottawa continues its national security review of the agreement.
The company, which had faced a deadline of this Friday, now has until July 13 to close the deal.
The federal government notified the company last month it was stepping up its national security review of the proposed takeover.
The $1.5 billion takeover of Aecon by CCCC International Holding Ltd. (CCCI) has come under criticism from a number of sources, including Conservative member of Parliament Tony Clement, a former industry minister.
Government approval under the Investment Canada Act is the last major hurdle that Aecon must clear to close the deal.
The company has already received approval from the Competition Bureau, Aecon shareholders and the Chinese government.
