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Strategies & Market Trends : Speculating in Takeover Targets
CTG 8.1000.0%Dec 2 12:00 AM EST

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To: richardred who wrote (4475)11/24/2017 6:27:11 PM
From: richardred   of 6101
 

Chinese Firm Buys CN Tower Builder Aecon for $930 Million By
Scott Deveau

October 26, 2017, 8:12 AM EDT Updated on October 26, 2017, 4:22 PM EDT



Shares rise nearly 19 percent in early trading Thursday

Transaction expected to close by end of first quarter 2018




A general view of the Toronto skyline in Canada, including the CN Tower.

Photographer: Danny Lawson - PA Images/PA Images via Getty Images Aecon Group Inc. agreed to be acquired by a unit of China Communications Construction Co. for C$1.19 billion ($930 million) in cash, giving the Canadian company more heft to bid on global infrastructure projects.

Aecon, which helped build Toronto’s landmark CN Tower, said in a statement CCCC International Holding Ltd. would pay C$20.37 a share, or 23 percent higher than Aecon’s closing price Wednesday. The stock closed up 19 percent at C$19.73 in Toronto.

“This is a very positive outcome for Aecon and our key stakeholders," Aecon Chairman Brian Tobin said in the statement. The company will continue to be based in Canada.

bloomberg.com
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