China’s CCCC International Holding Ltd will buy Canadian construction company Aecon Group for C$1.51 billion ($1.18 billion), including debt, in a deal that would require Canadian government approval, Reuters reports. Shares in Aecon, which helped build Toronto’s iconic CN Tower and the Vancouver Sky Train, surged 20% to C$19.82 on the news, but traded below CCCI’s C$20.37 per share offer price. CCCI, the overseas investment and financing arm of engineering and construction company China Communications Construction Company Ltd (CCCC), is paying 42% premium to Aecon’s share price on Aug. 24, a day before the Canadian company said it had engaged two financial advisers to explore a potential sale. CCCC is a publicly traded company in Hong Kong and in Shanghai and has more 118,000 employees. In 2015, CCCI acquired Australia engineering firm John Holland.
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