CB&I shareholders approve Shaw acquisition

CB&I announced Wednesday that its shareholders have overwhelmingly approved the acquisition of Baton Rouge-based Shaw Group Inc., with more than 90 percent of the shares voting at the special meeting Tuesday in favor of the $3 billion deal.

A majority of the acquisition’s closing conditions have been met and CB&I expects the transaction to close in the first quarter of 2013, subject to remaining conditions.

One of those is Friday’s vote by Shaw shareholders.

The owners of at least 75 percent of the company’s common stock must vote in favor of the deal.

CB&I, whose corporate offices are in The Woodlands, Texas, engineers and builds some of the world’s largest infrastructure projects. It has about 23,000 employees worldwide and had 2011 revenue totaling $5.5 billion.

Shaw, an engineering, construction and fabrication company, has about 27,000 workers worldwide — 4,000 of them in Louisiana, of which 1,000 are in Baton Rouge. It had $5.9 billion in 2011 revenue.

The combined company will be one of the largest in the Western hemisphere.