Chicago Bridge and Iron Co NV said on Wednesday its shareholders approved the company's proposed takeover of U.S. engineering company Shaw Group Inc .Doubts about the $3 billion deal surfaced after it was announced in July, with some investors concerned about its provisions and the motivation of Shaw founder and Chief Executive James Bernhard. One fund, Denali Investors, accuses Bernhard of conflict of interest.The deal with Shaw is expected to close in the first quarter of 2013, CB&I said, adding that over 90 percent voted in favor of the deal.Shaw's shareholders will vote on the takeover on Friday in Louisiana. Any deal requires the support of 75 percent of Shaw's shareholders.
The Shaw Group Inc. (Shaw) is a provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services to a diverse client base that includes multinational and national oil companies and industrial corporations, regulated utilities, independent and merchant power producers, and government agencies. Shares of SHAW remained unchanged at $45.88. In the past year, the shares have traded as low as $23.95 and as high as $45.89. On average, 1084970 shares of SHAW exchange hands on a given day and today's volume is recorded at 0.
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