CB&I Shareholders Approve Shaw Deal

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

Infrastructure engineering and construction firm CB&I (NYSE: CBI  ) announced in a press statement Wednesday that more than 90% of shareholders  voted to approve the company's planned acquisition of Shaw Group (UNKNOWN: SHAW.DL  ) .

Shaw's shareholders still must vote on the acquisition , which requires 75% shareholder approval, on Friday. If approved, CB&I expects the takeover to be completed sometime in early 2013, pending any remaining purchase requirements.

The purchase, originally arranged in July, saw CB&I offer $3 billion  to Shaw to create one of the largest energy infrastructure engineering and construction firms in the world. CB&I said then that it plans to run Shaw as its own business unit, maintaining the Shaw brand and capitalizing on its resources and synergies. Shaw's acquisition is expected to add significant capabilities in power generation, manufacturing, and more to CB&I's business portfolio.

Shares of CB&I rose on the news, gaining more than 4% in mid-afternoon trading.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2162695, ~/Articles/ArticleHandler.aspx, 10/22/2016 1:51:38 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 16 hours ago Sponsored by:
DOW 18,145.71 -16.64 -0.09%
S&P 500 2,141.16 -0.18 -0.01%
NASD 5,257.40 15.57 0.30%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/21/2016 4:02 PM
CBI $27.62 Down -0.14 -0.50%
Chicago Bridge and… CAPS Rating: ****
SHAW.DL $0.00 Down +0.00 +0.00%
The Shaw Group, In… CAPS Rating: ***