Minister Bains cancels Chinese deal to buy Aecon

The Waneta Dam Expansion near Trail. B.C. was an Aecon project — Photo courtesy Aecon

The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, made the following statement on the proposed acquisition of Aecon Group Inc. (Aecon) by China Communications Construction Company International Holding Limited (CCCI):

“In accordance with the Investment Canada Act, the Government of Canada reviewed the proposed acquisition of Aecon by CCCI.

“As is always the case, we listened to the advice of our national security agencies throughout the multi-step national security review process under the Investment Canada Act.

“Based on their findings, in order to protect national security, we ordered CCCI not to implement the proposed investment.

“Our government is open to international investment that creates jobs and increases prosperity, but not at the expense of national security.”