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ARTICLE · 25 MAY 2018

Proposed Acquisition Of Aecon By CCCI Blocked On National Security Grounds

Osler, Hoskin & Harcourt LLP
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While CCCI does have an affiliate which is listed on the Hong Kong and Shanghai stock exchanges, that affiliate, and CCCI itself, are majority owned by the Chinese government.

CanadaGovernment, Public Sector
Michelle Lally
Michelle Lally
Shuli Rodal
Shuli Rodal
Kaeleigh Kuzma
Kaeleigh Kuzma
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The Canadian federal government has blocked a proposed takeover of construction firm Aecon Group Inc. by China Communications Construction Company International Holding Limited (CCCI) on the basis that the transaction would be injurious to Canada's national security. This is only the third transaction blocked under Canada's national security regime, and the first transaction blocked by the Liberal government. The decision was based on the advice of national security agencies, but no reasons were given in the official announcement.

While CCCI does have an affiliate which is listed on the Hong Kong and Shanghai stock exchanges, that affiliate, and CCCI itself, are majority owned by the Chinese government. The proposed acquisition was announced on October 26, 2017, and quickly became the subject of debate in Canada. A national security review was ordered in early 2018. Under the Investment Canada Act, a national security review is conducted with input from

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