Shareholders of The Shaw Group overwhelmingly voted to approve a merger with CB&I , 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.
The article Shaw Shareholders Ratify CB&I Merger originally appeared on Fool.com.Eric Volkman and The Motley Fool have no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.