OTTAWA, Ontario (AP) — The Canadian government has blocked the proposed takeover of the Aecon Group Inc. construction company by a Chinese state-owned enterprise, citing reasons of national security.
Economic Development Minister Navdeep Bains’ office confirmed on Wednesday the decision to prevent CCCC International Holding Ltd. from acquiring Aecon for more than $1 billion.
Ottawa had announced a full national security review of the Aecon deal in February. Bains’ office said then that the government believed there is “a potential of injury to national security.”
Aecon 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.
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