Toll road operator Intoll Group Stapled Securities (ASX: ITO) reported on Wednesday that the Canadian firm seeking to purchase the company has been granted approval by Australia's Foreign Investment Review Board (FIRB) to finalise its takeover bid on Intoll.

The Canadian Pension Plan Investment Board (CPPIB) earlier dangled a scheme of arrangement proposal to buyout the company as Intoll revealed that work between it and CPPIB is currently underway "working towards the satisfaction of all remaining conditions precedent."

Intoll is the offshoot of the toll road assets division of the Macquarie Infrastructure Group (MIG), which was created in February this year.

At present, the company is in charge of MIG's advance and secure assets such as the Westlink M7 in Sydney, with 25 percent interest, and the 407 ETR Motorways in Toronto, where the toll operator maintains up to 30 percent of holdings.

MIG's numerous asset toll roads in the United States, UK, France and Germany has been transferred to Macquarie Atlas Roads earlier as Intoll recommended the $3.4 billion takeover proposal tossed by CPPIB in August.

Wednesday's market closing saw a firm settling for Intoll Group shares which closed at $1.495.