US CB&I shareholders approve acquisition of Shaw Group

19 December 2012 13:09  [Source: ICIS news]

US CB&I shareholders approve acquisition of Shaw GroupHOUSTON (ICIS)--The shareholders of US energy and petrochemicals engineering firm CB&I have approved the acquisition of Shaw Group, CB&I said on Wednesday.

CB&I said that more than 90% of voting shares approved the $2bn (€1.5bn) the companies agreed in July.

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

Shaw’s shareholders are due to vote on the deal in a special meeting at the company’s headquarters in Baton Rouge, Louisiana, on 21 December. Earlier this week, Shaw urged shareholders to back the deal.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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