PM cites sovereignty after Aecon deal nixed

OTTAWA Beijing's top envoy in Canada says he’s very disappointed with the Trudeau government’s move to reject a Chinese takeover of a Toronto-based construction firm — and he hopes the decision was not guided by “prejudice” towards his country's stateowned companies, like the one behind the bid.

The Liberal government cited reasons of national security for its decision this week to decline the proposed $1.5-billion purchase of Aecon Group Inc. by CCCC International Holding Ltd. (CCCI).

Lu Shaye, China’s ambassador to Canada, told The Canadian Press on Thursday that Chinese state-owned enterprises, like CCCI, are no different than multinational firms in western countries — they want to expand their profits while strictly adhering to the rules of the market.

In arguing there are few differences in how China’s companies operate, he says if Ottawa’s refusal was based on the fact it was a state-owned company, he considers it a move made under “measures of prejudice.”

“Chinese state-owned enterprises — they are not guilty. They have made great contributions to safeguard the welfare of the Chinese people,” said Lu, who spoke through an interpreter at the embassy in Ottawa.

"We feel it is really a pity that we couldn’t make such kind of good deal to happen."

Lu argued the deal would have benefited both companies, but he noted it’s Canada’s “sovereign right" to block takeovers of its domestic companies.