Economic Development
1:11 pm
Fri December 21, 2012

Shaw Group Shareholders Approve Sale To CB&I

Shareholders of the construction and engineering company The Shaw Group voted Friday to sell the company to Netherlands-based infrastructure giant CB&I.

Baton Rouge’s only Fortune 500 Company said in a statement that 99-percent of its shareholders voted in favor of the deal worth a little over $3-billion-dollars.

Baton Rouge Area Chamber CEO Adam Knapp said CB&I sees Baton Rouge as a center for engineering talent.

“The divisions that have been successful hold a lot of promise for the future, which is a big reason the transaction and why CB&I was attracted to the deal," said Knapp.

Shaw Spokeswoman Gentry Brann says aside from several regulatory milestones to complete, the deal is expected to be finalized by mid-February. She also said Shaw does not anticipate any changes to major offices at this time.