Chinese Construction Firm Plans to Buy Canada's Aecon
State-owned China Communications Construction Co. (CCCC) has agreed to buy Canada's largest publicly listed infrastructure construction company Aecon Group Inc. for CA$1.45 billion ($1.13 billion).
Under the proposed deal, which is subject to Canadian government regulatory approval and an Aecon shareholders vote, the Toronto-based company would become a wholly owned subsidiary of CCCC's overseas investment unit. The plans calls for Aecon to be eventually delisted from the Toronto Stock Exchange, CCCC said in a Hong Kong Stock Exchange filing Thursday.
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