In 1894, a second French company, the Compagnie Nouvelle du Canal de Panama ([[New Panama Canal Company]]), was created to manage the assets, and potentially finish construction. The new company sought a buyer for the assets, with an asking price of US $109 million. The construction of the canal was taken over by the United States which bought out the lease, the shares and assets in the [[Hay–Bunau-Varilla Treaty]] of November 1903, for US $40 million. Work resumed in 1904 and the canal opened 3 August 1914.
