US Shaw urges shareholders to back planned acquisition by CB&I

18 December 2012 16:50  [Source: ICIS news]

HOUSTON (ICIS)--US engineering and construction group Shaw on Tuesday urged its shareholders to approve a deal valued about $2bn (€1.5bn) under which energy and petrochemicals engineering firm CB&I will acquire Shaw.

CB&I is offering $46/share to Shaw shareholders, representing a 72% premium to Shaw's share price on 27 July, the last trading day before the merger agreement was announced, Shaw said.

“Shaw’s board of directors believes this merger agreement provides the best value to all Shaw shareholders and recommends shareholders vote for the proposal to adopt the merger agreement,” said Shaw’s CEO, JM Bernhard Jr.

Shaw will hold a special shareholders meeting at its headquarters in Baton Rouge, Louisiana, on 21 December.

In August, Shaw sold its energy and petrochemicals engineering business to France’s Technip. That deal included Stone & Webster technology that has been used in more than 120 ethylene plants worldwide.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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