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Aecon's takeover by Chinese firm delayed as Canada extends review

Reuters

(Reuters) - Construction company Aecon Group Inc (Toronto:ARE.TO - News) said on Monday the completion date for its $1.5 billion sale to China's CCCC International Holding Ltd (CCCI) has been pushed back, as Canada extended a national security review of the deal.

The proposed takeover, originally scheduled to close on Feb. 23, will now close on March 30, Aecon said.

CCCI, the overseas investment and financing arm of engineering and construction company China Communications Construction Co Ltd (Shanghai:601800.SS - News) (HKSE:1800.HK - News), said in October it would buy Aecon for $1.5 billion.

Prime Minister Justin Trudeau had said his government will closely monitor security issues when it decides whether to allow the deal, examining the implications for intellectual property protections.

However, the Aecon-CCCI deal has passed most other hurdles, including a clearance from Canada's competition regulator.

(Reporting by Nivedita Bhattacharjee in Bengaluru; Editing by Shounak Dasgupta)