TORONTO — Aecon shareholders have voted overwhelmingly to approve a $1.5-billion takeover of the Canadian company by a Chinese firm.
CCCC International Holding Ltd., a subsidiary of China Communications Construction Company Ltd., announced a friendly deal in October to buy the company for $20.37 per share in cash.
Aecon (TSX:ARE) had said in August that it was looking for potential buyers.
The company’s board unanimously recommended shareholders support the deal. More than 99 per cent of the votes cast were in favour of offer, which required the approval of a two-thirds majority.
The deal also requires government and regulatory approvals including a review under the Investment Canada Act.
The 140-year-old construction firm has worked on Canadian landmarks including the CN Tower, Vancouver’s SkyTrain and the Halifax Shipyard.
The Canadian Press