Shareholders of Shaw approve acquisition by CB&I

21 December 2012 17:24  [Source: ICIS news]

HOUSTON (ICIS)--US-based Shaw Group said on Friday that its shareholders have approved its acquisition by energy and petrochemicals engineering firm CB&I.

The companies agreed in July to the $2bn (€1.5bn) deal, which is expected to close in the first quarter of 2013, subject to additional closing conditions, Shaw said. CB&I’s shareholders approved the acquistion earlier this week.

Shaw shareholders will receive $41 in cash and 0.12883 shares in CB&I common stock for each share of Shaw stock, for a total value of about $46.86/share, assuming the closing price of CB&I's shares on 20 December.

This reflects a premium of about 76% to the price of Shaw shares at the close on 27 July, the last trading day before the deal was announced.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

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.

Printer Friendly