Inan engineering merger that will create one of the biggest professional servicefirms in the energy sector of the world economy, Chicago Bridge & Ironannounced yesterday it is paying about $3 billion in cash and stock to buy up BatonRouge based Shaw Group, another engineering and construction firm deeplyinvolved in the energy sector. According to leaders at both companies, theresulting entity will “Become fully diversified across the entire energysector.”
ShawGroup will become a business sector of worldwide CB&I under the brand name “CB&IShaw.” Shaw Group Chairman J. M. Bernard is leaving the consolidated businessonce the deal closes in the first quarter of next year. Some speculate he willrun for public office. Shaw Group’s shares traded up 65% to $44 per share inpremarket transactions on the announcement.
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