Shaw sets meeting for vote on sale

Shareholders of The Shaw Group Inc. will meet Dec. 21 to vote on the Baton Rouge company’s $3 billion sale to CB&I.

Shaw announced Tuesday that the meeting will be held at 9 a.m. at the company’s Essen Lane headquarters.

Those who hold shares of Shaw as of the close of business Nov. 30 will be able to vote on the sale. Shareholders will be able to vote online or by telephone, along with mailing proxy cards.

The engineering, construction and fabrication company noted that the deal must be approved by the holders of at least 75 percent of Shaw stock, and that a failure to vote on the transaction is the same as casting a ballot against the sale.

The Shaw board of directors has unanimously come out in favor of the deal.

Shareholders with any questions about the transaction can call Morrow & Co. toll-free at (800) 607-0088 or (203) 658-9400.

Shaw and CB&I announced the sale plans on July 30. CB&I is a Dutch firm focused on the oil and gas industry, with U.S. operations based in The Woodlands, Texas.

Last month, officials with CB&I said during a conference call with analysts and reporters that the sale was on track to close in the first quarter of 2013.

“Activities are moving along as planned,” said Philip K. Asherman, chief executive officer, president and supervisory director of CB&I.

Last week, the Chinese Ministry of Commerce approved the sale.

CB&I will pay $46 a share for Shaw, with $41 coming in cash and $5 in CB&I stock.

Shares of Shaw closed at $44.55 Tuesday, up 58 cents or 1.32 percent.

The company recently announced three organizational changes. Timothy J. Poche, who had served as a senior vice president and chief accounting officer, was named senior vice president and chief financial officer of Shaw’s Power Group.

James C. Wilems was named interim vice president and chief accounting officer for Shaw, replacing Poche.

Jeffrey S. Merrifield will take over as senior vice president of business development for the Power Group.