National security review sees Aecon, CCCI deal further delayed to July
Canadian construction giant Aecon has announced that the deadline for its potential sale to CCCC International Holding (CCCI) has been extended to 13 July as a national security review continues to surround the $1.5bn deal.
“Aecon shareholders have voted overwhelmingly in favour of it, the Ontario Superior Court of Justice has approved the Plan of Arrangement, and CCCI has received approval from the National Development and Reform Commission,” Aecon said.
“Completion of the proposed transaction remains subject only to approval under the Investment Canada Act and other customary closing conditions for a transaction of this nature.”
If approved, the deal will require CCCI to pay $20.37 per share, a 42% premium compared to Aecon’s unaffected share price from 24 August 2017 before it became known that CCCI was interested in acquiring the company.
Despite the extended deadline, Aecon remains confident that, should the deal be approved, the transaction will complete before the end of Q2 2018.
“Both Aecon and CCCI remain committed to working with the Investment Review Division to obtain approval of the transaction,” Aecon concluded.
Should the deal be approved, CCCI previously attempted to assure Aecon investors and regulators by stating that the company would remain committed to Canada, ensuring that there would be a continuation of the firm’s Canadian management and employment, whilst the company headquarters will also remain in Canada.
uPVC pipes, safety glasses and Spetz app launched
This week has seen a range of new product and service launches for the construction trade.
Vinyl Pipes has launched uPVC Column Pipes, which extend the life of pipes. Column Pipes with a power lock (patent pending) will not only to raise the safety standards but improve the efficiency of Borewell installations. This Lock system, a by-product of the in-house R&D team, is designed to bear load making the pipes stress-free, torque resistant and perfect for handling high pressure water.
Conscious that using the correct glasses could prevent 90% of jobsite injuries, Milwaukee's expanded range (pictured) features anti-scratch and fog free styles, new lens colours and magnification features, complementing its 'cut resistant' gloves.
Arriving on the UK app scene, Spetz is billed as a ‘one-stop shop’ for anyone "panicked by household flooding or electricity failure," as it unites tradespeople with consumers.
Spetz founder and CEO Yossi Nevo said urgent needs come in all forms and it’s unlikely that any household has tried and trusted tradespeople to match every possibility.
"The Spetz app rapidly connects them with a suitable ‘rescue service’ in as little as 30 seconds and that rapid reassurance is completely free - it’s the tradespeople who pay for these job leads. Those start at around £6 a time, but the tradesperson can then go on to make thousands from our automated system funnelling the best and most appropriate work their way.”
Spetz is now three years old operating in Israel, Australia and is now beginning a full UK rollout, after a ‘soft’ launch.