Shaw shareholders approve takeover by CB&I

Fri Dec 21, 2012 1:26pm EST

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Dec 21 (Reuters) - Shaw Group Inc shareholders on Friday approved Chicago Bridge and Iron Co NV's proposed takeover of the U.S. engineering company.

The $3 billion deal won the approval of 83 percent of Shaw's outstanding shares, the company said after a special shareholders meeting in Louisiana, above the 75 percent approval that was required.

On Wednesday, CB&I shareholders approved the deal that is expected to close in the first quarter.

When it was announced in July, some investors were 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..

Shares of Shaw rose 3 cents to $46.36 and shares of CB&I fell 49 cents to $45 in early afternoon New York Stock Exchange trading.