Canadian government blocks $1.2b sale of construction company to China government–owned firm

Canada’s national security agencies have blocked the $1.2 billion sale of Canadian construction company Aecon Group to China’s CCCC International Holding (CCCI), citing national security. The rejection was announced on May 23.

According to a statement from Innovation Minister Navdeep Bains, “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.”

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

And on Thursday Prime Minister Justin Trudeau told reporters in La Malbaie, Quebec, he had the same concerns as when Australia blocked a Chinese state-owned enterprise and a Hong Kong–listed firm from buying majority control