US engineering firm CB&I completes acquisition of The Shaw Group

13 February 2013 16:19  [Source: ICIS news]

HOUSTON (ICIS)--US energy and petrochemicals engineering firm CB&I said on Tuesday it has completed the acquisition of The Shaw Group in a deal valued at about $2.0bn (€1.5bn).

Announced in July and approved by CB&I shareholders in December, the company will offer $46/share to Shaw shareholders for a 72% premium to Shaw’s price on 27 July, the last trading day before the agreement.

CB&I said it will operate Shaw as a business sector under the brand name CB&I Shaw.

“Through our now 50,000 talented employees, we have the capabilities and the expertise to provide our clients with a world of solutions, and a tremendous strategic advantage in responding to the growing demand for energy infrastructure around the globe,” said Philip Asherman, president and CEO of CB&I.

Additional reporting by Stefan Baumgarten and Graeme Paterson

($1 = €0.74)

By: Tracy Dang
+1 713 525 2653

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