Aecon shareholders back Chinese takeover

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  • Project unaffected: shareholders of the company overseeing the construction of Bermuda's new airport terminal have approved a buyout by a Chinese company

    Project unaffected: shareholders of the company overseeing the construction of Bermuda's new airport terminal have approved a buyout by a Chinese company


Shareholders of Aecon, the company overseeing the project to build Bermuda’s new airport terminal, have approved the sale of the company to a Chinese firm.

CCCC International Holding Ltd, a subsidiary of China Communications Construction Company Ltd, offered $1.5 billion, or $20.37 per share, for the Canadian firm in October.

At that time, Aecon stressed that the takeover would have no impact on the airport project.

More than 99 per cent of the shareholders who voted backed the deal, with 33.85 million in favour and 204,000 against.

Steve Nackan, president of Aecon Concessions and chairman of Skyport, the company overseeing operations at LF Wade International Airport, said after the deal was first proposed in October, that it would be “business as usual” in Bermuda.

“This sale will have no impact on the day-to-day construction of the new airport terminal or Skyport,” Mr Nackan said.

“The Aecon management team and friendly Bermudian Skyport employees will remain in place and the new airport will be completed on time and on budget with the guarantee of the Canadian Commercial Corporation.

“We look forward to delivering a state-of-the-art terminal in 2020.”

The Globe and Mail reported that the takeover has already received a “no action” letter granting approval under the Canadian Competition Act and Aecon has been advised by the buyer that it has approval from the National Development and Reform Commission, a Chinese economic planning regulator.

It still faces a review under the Investment Canada Act.

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Published Dec 20, 2017 at 8:00 am (Updated Dec 20, 2017 at 11:10 am)

Aecon shareholders back Chinese takeover

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