CB&I shareholders approve Shaw deal

CB&I shareholders approve plans to buy The Shaw Group

Associated Press

THE WOODLANDS, Texas (AP) -- CB&I shareholders have approved the energy engineering and construction company's plans to buy engineering, construction and fabrication company The Shaw Group Inc. for $3 billion.

CB&I ,with corporate headquarters in The Netherlands and U.S. offices in The Woodlands, Texas, announced plans to buy Shaw in July. CB&I said Wednesday that over 90 percent of the shares voting at the special meeting of shareholders on Tuesday were in favor of the acquisition.

CB&I expects the deal to close in the first quarter of 2013.

Shareholders of The Shaw Group are scheduled to meet Friday to vote on the Baton Rouge, La., company's sale.

CB&I also said it expects to earn $3.35 to $3.65 per share on fiscal 2013 on revenue of $6.3 billion to $6.7 billion. Analysts polled by FactSet forecast $3.48 per share on revenue of $6.25 billion.

Shares of the company rose $1.93, or 4.5 percent, to $44.50 in afternoon trading. The stock has traded between $32.48 and $44.74 in the past year.

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