deadline prolonged Aecon Group Inc. (ARE-T) is extending the outside date for completing the takeover by CCCC International Holding Limited (CCCI) to July 13.
“The parties chose to extend the outside date because of the ongoing review of the proposed transaction under the Investment Canada Act,” the company stated in a release on Wednesday.
Investor skepticism appears to be growing that Aecon’s takeover by a Chinese company will be approved by the Canadian government, at least in its present form, Bloomberg reported recently.
The Trudeau cabinet has issued a special order to prolong Ottawa’s scrutiny of the $1.5-billion takeover of Canadian infrastructure giant Aecon by the Chinese state-owned firm, invoking a section of law used when the federal government believes an investment “could be injurious to national security.”