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Shaw completes sale of energy and chemicals unit

BATON ROUGE, La. (AP) -- The Shaw Group Inc. said Friday it has completed the sale of its energy and chemicals business to French oilfield services group Technip for approximately $290 million.

Shaw and Technip announced the deal in May.

The Baton Rouge-based technology and engineering firm said the completion of the transaction satisfies one of the conditions of its recent agreement to be acquired by Chicago Bridge & Iron Co. for about $3.04 billion in cash and stock.

CB&I has said that buyout will create one of the world's most complete engineering and construction companies focused on the energy industry.

Shaw shares rose 2 cents to $42.12 in afternoon trading. CB&I shares advanced 15 cents to $36.76.