Posted: Dec 21, 2012 12:21 PM by Jimmy Frederick
Updated: Dec 21, 2012 12:21 PM
BATON ROUGE-The Shaw Group, Baton Rouge's only Fortune 500 company, is set to be sold to CB&I. Shareholders voted today to approve the $3.04 billion sale to the Netherlands-based company.
The deal is worth $46 per share in cash and stock and is expected to close in mid-February.
Shaw Founder, Jim Bernhard, says there will be changes to the company's current structure, but he expects most Baton Rouge employees to remain in their present positions.