US CB&I shareholders approve acquisition of Shaw Group
19 December 2012 13:09 [Source: ICIS news]
HOUSTON (ICIS)--The shareholders of ?xml:namespace>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
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial
to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free
trial to ICIS Chemical Business.