OTTAWA: Canada has blocked a proposed C$1.51 billion ($1.18 billion) takeover of construction company Aecon Group Inc by a unit of China Communications Construction Co Ltd (CCCC) on national security grounds, the government said.
The completion date of Aecon’s deal with CCCC International Holding Ltd, the overseas investment and financing arm of China Communications, had been pushed back in February as Canada extended a national security review. The government ordered CCCC International Holding Ltd not to implement the proposed investment to protect national security, Canadian Innovation Minister Navdeep Bains said in a statement. — Reuters
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