Canada's Davie Yards sold ahead of federal contract, (TSE: SNC)

Quebec shipbuilder Davie Yards has sold its assets to a subsidiary of Upper Lakes Group, the company said on Thursday, ahead of the award of a major Canadian government shipbuilding contract. Last-minute approval from Quebec's Superior Court this morning puts Upper Lakes and its consortium partners SNC Lavalin (SNC.TO) and South Korea's Daewoo Shipbuilding and Marine Engineering (042660.KS) in the running for the contract to overhaul Canadian Navy and Coast Guard ships. Bids were due at 2 p.m. (1800 GMT) on Thursday afternoon.