December 19, 2012 / 12:25 PM / in 5 years

CB&I shareholders vote in favor of Shaw deal

(Reuters) - Chicago Bridge and Iron Co NV (CBI.N) said on Wednesday its shareholders approved the company’s proposed takeover of U.S. engineering company Shaw Group Inc SHAW.N.

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.

CB&I forecast profit of between $3.35 and $3.65 per share on revenue of $6.3 billion to $6.7 billion for 2013.

    Analysts on average were expecting a profit of $3.45 per share on revenue of $6.24 billion, according to Thomson Reuters I/B/E/S.

    The company said the forecast excludes Shaw results and transaction-related costs.

    (Reporting By Anna Driver and Swetha Gopinath; Editing by Sriraj Kalluvila)

    This story was corrected to fix dateline to December 19

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