National security review sees Aecon, CCCI deal further delayed to July

By Jonathan Dyble
Canadian construction giant Aecon has announced that the deadline for its potential sale to CCCC International Holding (CCCI) has been extended to 13 Ju...

Canadian construction giant Aecon has announced that the deadline for its potential sale to CCCC International Holding (CCCI) has been extended to 13 July as a national security review continues to surround the $1.5bn deal.

“Aecon shareholders have voted overwhelmingly in favour of it, the Ontario Superior Court of Justice has approved the Plan of Arrangement, and CCCI has received approval from the National Development and Reform Commission,” Aecon said.

See also:

“Completion of the proposed transaction remains subject only to approval under the Investment Canada Act and other customary closing conditions for a transaction of this nature.”

If approved, the deal will require CCCI to pay $20.37 per share, a 42% premium compared to Aecon’s unaffected share price from 24 August 2017 before it became known that CCCI was interested in acquiring the company.

Despite the extended deadline, Aecon remains confident that, should the deal be approved, the transaction will complete before the end of Q2 2018.

“Both Aecon and CCCI remain committed to working with the Investment Review Division to obtain approval of the transaction,” Aecon concluded.

Should the deal be approved, CCCI previously attempted to assure Aecon investors and regulators by stating that the company would remain committed to Canada, ensuring that there would be a continuation of the firm’s Canadian management and employment, whilst the company headquarters will also remain in Canada.

Share

Featured Articles

Alstom to deliver Africa’s first driverless metro in Cairo

The 35-kilometre line will accommodate more than half a million passengers on board annually, and will include 26 states – 12 of them underground

Sobha Realty launches five interconnected towers development

Sobha One Tower will offer waterfront views and several upscale amenities across its masterplan, developer says

Polygon acquires 100% of All Consulting Services in Italy

Acquisition is part of Polygon’s strategic growth plan in Italy, and follows the company’s purchases of Swiss and UK-based companies earlier this year

SWPC says three bids shortlisted for Rabigh 4 IWP

Construction Projects

IDE Technologies to build US$440m Israeli desalination plant

Construction Projects

AJ Steel expands KEZAD operations wiith 96,000sqm facility

Construction Projects