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Shareholders of The Shaw Group (NYSE: SHAW ) overwhelmingly voted to approve a merger with CB&I (NYSE: CBI ) , Shaw reported in an official news release. According to Shaw, 99% voted their agreement with CB&I's proposal to acquire the company.
Earlier in the week, CB&I shareholders also assented to the merger.
The proposal was floated by CB&I this past July, when it offered $3 billion to show in a move aimed at forming a major energy infrastructure engineering and construction company.
It is anticipated that the merger will be completed in early 2013. Shaw is to become a business unit of CB&I.