Construction company Aecon Group Inc. says it has received two regulatory permissions needed for it to be sold to a Chinese state-owned company for $1.5 billion.

The deal with CCCC International Holding Ltd., however, still faces a review under the Investment Canada Act.

Chinese bid for Aecon construction comes with warnings for Trudeau Liberals

The government says that Canada's pursuit of deeper trade relations with China is full steam ahead despite suggestions that such enthusiasm could risk angering the Trump administration during NAFTA talks.

Prime Minister Justin Trudeau's government will have to look at the proposal to buy Calgary-based Aecon.

Trudeau Aecon

Aecon says it has received a "no action" letter granting approval under the Canadian Competition Act and it has been advised by the buyer that it has approval from the National Development and Reform Commission, a Chinese economic planning regulator.

It says both approvals were required for closing of the deal announced in October.

Shareholders in the 140-year-old firm, which has worked on Canadian landmarks including the CN Tower, Vancouver's SkyTrain and the Halifax Shipyard, are to vote on the sale in Toronto on Dec. 19.

Chinese construction firm CCCI to buy Canada's Aecon for $1.5B

Aecon Group Inc. has signed a deal to be acquired for $1.5 billion by CCCC International Holding Ltd. of China, subject to shareholder and government approvals.

Workers walk over the rail lines of the under construction Panama Metro Line 2, in Panama City, Tuesday, July 4, 2017. The new line is expected to start operating in 2019. (AP Photo/Arnulfo Franco)

Construction workers

Aecon put itself up for sale this past summer.

No need for national security review of Aecon takeover, China's ambassador says

A Chinese construction firm's bid to take over Canada's Aecon group does not need a national security review, according to China's ambassador to Canada. Ambassador Lu Shaye told reporters that China is more technologically advanced in construction, and therefore has no need to steal Canadian secrets.

China's Ambassador to Canada Lu Shaye participates in an interview at the Embassy of the People's Republic of China in Canada, in Ottawa on Thursday, June 29, 2017. The Trudeau government should spend less time bowing down to Canadian journalists preoccupied with human rights and get on with negotiating an important free trade agreement with China, says the country's ambassador. 

CDA China Media 20170704

Lu Shaye, Ambassador of the People's Republic of China to Canada, says a Chinese contruction firm's proposed deal to buy Aecon is a "very normal business transaction" that does not require an additional national security review.

Lu Shaye

Prime Minister Justin Trudeau has said the deal will be reviewed 'very carefully' under the Canada Investment Act.

Aecon Group wins two regulator approvals for $1.5B sale to Chinese buyer

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