Report: The Shaw Group's shareholders vote to sell

BATON ROUGE, LA (WAFB) - Reports have surfaced that shareholders of The Shaw Group voted Friday to sell the company to Chicago Bridge & Iron Co. for $3.04 billion.

The Greater Baton Rouge Business Report broke the news Friday morning.

News of the buyout deal were first announced in July.

The Shaw Group is Baton Rouge's only Fortune 500 company.

CB&I is a Netherlands-based company with administrative headquarters in The Woodlands, TX.

The deal is worth $46 per share in cash and stock.

According to the Business Report, the deal could close by mid-February.

It is still contingent on Nuclear Regulatory Commission approval and receipt of Shaw's cash settlement for the sale of its Westinghouse stake.

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