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. The approval of the deal by Quebec's Superior Court Thursday 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 a contract to overhaul Canadian Navy and Coast Guard ships. Bids were due at 2 p.m. (1800 GMT) on Thursday afternoon for the C$35 billion ($37.1 billion) program. Shares of SNC-Lavalin rose 3.75 percent to C$56.75 on the Toronto Stock Exchange.
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