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. from acquiring the Aecon construction firm.
The Trudeau government had been warned 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.
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