UPDATE 1-Aecon sells stake in Churchill for C$61 mln

* Says rationale for closer ties diminished

* Bought stake in June, makes C$2 mln after-tax profit

VANCOUVER, British Columbia, Nov 22 (BestGrowthStock) – Aecon Group
Inc (ARE.TO: ) has sold its 14.7 percent stake in fellow Canadian
construction company Churchill Corp (CUQ.TO: ) for C$60.8 million
($59.6 million) after costs, Aecon said on Monday.

Aecon, Canada’s biggest publicly traded construction
company, said the sale had resulted in a pre-tax gain of C$2
million.

Aecon announced in June that it had bought a stake in
Churchill because it saw an opportunity “to explore areas of
mutual interest”.

“Since that time, the significant progress we have made in
merging Aecon buildings into our infrastructure operations, and
the expansion of our core business in Western Canada to include
mining have diminished the rationale for exploring further
strategic alignment with Churchill,” Aecon said in a
statement.

Disposing of the stake allowed Aecon to “continue to focus
on the fundamentals” of its business, the company said.

($1=$1.02 Canadian)
(Reporting by Nicole Mordant; editing by Rob Wilson)

UPDATE 1-Aecon sells stake in Churchill for C$61 mln