Canada blocks Chinese takeover of Aecon over national security concerns

The decision on proposed $1.18bn deal underscores rising wariness of Chinese firms buying up assets in western countries

Canada has blocked a proposed C$1.51bn ($1.18bn) takeover of construction company Aecon by a Chinese state builder on national security grounds, underscoring rising wariness of Chinese firms buying up assets in western countries.

Aecon's takeover by overseas investment and financing arm of China Communications Construction Co Ltd was scheduled to close in February. But this was delayed after Canada extended a national security review.