Review of Aecon Group takeover extended

TORONTO - The federal cabinet has told Aecon Group Inc. that it will take more time to complete a national security review of the proposed takeover of the Canadian construction company by a Chinese state-owned business. Toronto-based Aecon says the minister responsible for economic development informed the company that cabinet has ordered a further investigation of the deal under the Investment Canada Act.

The government’s approval is the last major hurdle that Aecon must clear to close the $1.5 billion deal.

On Monday, Aecon said CCCI has agreed to extend the deadline for closing the deal to March 30 - five weeks later than the previous deadline of Feb. 23.