Report: The Shaw Group's shareholders vote to sell - WLOX.com - The News for South Mississippi

Report: The Shaw Group's shareholders vote to sell

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  • Shaw Group agrees to sell company

    Shaw Group agrees to sell company

    Friday, December 21 2012 11:50 AM EST2012-12-21 16:50:52 GMT
    Chicago Bridge & Iron Co. says it has agreed to buy Shaw Group Inc. for about $3.04 billion in cash and stock. The Woodlands, TX-based company, also known as CB&I, said the addition of Baton Rouge,More >>
    In a bombshell economic announcement, Baton Rouge's only Fortune 500 Company, The Shaw Group, is agreeing to a buyout and will sell the company to a business from Texas.More >>
BATON ROUGE, LA (WAFB) -

Reports have surfaced that shareholders of The Shaw Group voted Friday to sell the company to Chicago Bridge & Iron Co. for $3.04 billion.

The Greater Baton Rouge Business Report broke the news Friday morning.

News of the buyout deal were first announced in July.

The Shaw Group is Baton Rouge's only Fortune 500 company.

CB&I is a Netherlands-based company with administrative headquarters in The Woodlands, TX.

The deal is worth $46 per share in cash and stock.

According to the Business Report, the deal could close by mid-February.

It is still contingent on Nuclear Regulatory Commission approval and receipt of Shaw's cash settlement for the sale of its Westinghouse stake.

Copyright 2012 WAFB. All rights reserved.

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