December 8, 2017 / 4:20 PM / 8 months ago

Chinese buyout of Canada's Aecon wins two regulatory approvals

(Reuters) - Canadian construction company Aecon Group Inc (ARE.TO) said on Friday its C$1.51 billion ($1.18 billion) acquisition by China’s CCCC International Holding Ltd (601800.SH) (1800.HK) cleared two regulatory hurdles.

Aecon said the closing of the deal remains subject to approval under the Investment Canada Act.

Canada places strict restrictions on Canadian assets that China and other nations can buy on national security grounds.

Prime Minister Justin Trudeau said in October his country would review possible security issues related to the deal.

China’s National Development and Reform Commission approved the deal, while Canada’s Commissioner of Competition issued a “no action” letter, Aecon said on Friday.

Shares of Aecon rose 1.21 percent to C$20.03 on the Toronto Stock Exchange on Friday morning.

($1 = 1.29 Canadian dollars)

Reporting by Ahmed Farhatha in Bengaluru; editing by Sai Sachin Ravikumar and Sriraj Kalluvila

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