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Chinese buyout of Canada's Aecon wins regulatory approval

Published 2017-12-08, 11:15 a/m
© Reuters.  Chinese buyout of Canada's Aecon wins regulatory approval
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Dec 8 (Reuters) - The acquisition of Canadian construction company Aecon Group Inc ARE.TO by a Chinese firm for C$1.51 billion ($1.18 billion) received regulatory approval from both countries, Aecon said on Friday.

China's CCCC International Holding Ltd 601800.SH 1800.HK received the green light from the country's National Development and Reform Commission, while Canada's competition watchdog also gave its approval.

Aecon said proxy advisory firms ISS and Glass Lewis recommended that its shareholders vote for the acquisition.

The approval follows a close review by Canadian regulators. Prime Minister Justin Trudeau had said in October his country would review possible security issues relating to the deal. of Aecon rose 1.1 percent to C$20.00 on the Toronto Stock Exchange on Friday morning. ($1 = 1.2853 Canadian dollars)

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