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When Canada’s largest construction group signed a $1.5 billion deal to be acquired by state-owned CCC International of China in late October, the company’s chairman, Brian Tobin, called it “a very positive outcome”.

The former Liberal Cabinet minister is also vice-chair of BMO Capital Markets, which is advising Aecon on the acquisition, so it’s no wonder he is happy. (Apparently such an arrangement, though not illegal, is unusual. Aecon says that a special committee oversaw the sale process and that Tobin was not a member of that committee.)

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It remains to be seen whether the merger will be equally positive for other Canadians.

The Prime Minister has just returned from China where he courted foreign investment and advocated a free trade deal that would offer protection and certainty.

Canada already trades with China and stands to gain from a robust agreement. But that does not mean that we should wave through all acquisitions made by Chinese companies.