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Shaw shareholders vote for sale

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Posted: Dec 21, 2012 12:21 PM by Jimmy Frederick
Updated: Dec 21, 2012 12:21 PM
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Topics: Shaw, Sale, Approved, Shareholders

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.

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