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28 views • May 25, 2018

Canada blocks Aecon takeover by Chinese state owned firm over national security

Carrie Gilkison
OTTAWA—The federal government has blocked the proposed $1.5-billion takeover of Aecon Group Inc. by a Chinese state-owned company for reasons of national security. After markets closed Wednesday, Economic Development Minister Navdeep Bains confirmed the government's decision to prevent CCCC International Holding Ltd. (CCCI) from acquiring the Aecon construction firm. The Trudeau government had been urged by experts to proceed cautiously when weighing any investment bids by Chinese state firms and to be as transparent as possible in reviewing the proposed deal. Ottawa announced a full national security review of the Aecon deal in February. “As is always the case, we listened to the advice of our national security agencies throughout the multi-step national security review process under the Investment Canada Act,” Bains said Wednesday in a statement. “Based on their findings, in order to protect national security, we ordered CCCI not to implement the proposed investment.” “Our government is open to international investment that creates jobs and increases prosperity, but not at the expense of national security.” Edited by The Epoch Times
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