VanEck Vectors Uranium Plus Nuclear Energy ETF (NLR)

[3xBuBu]

Chicago Bridge & Iron to Buy Shaw Group for $3 Billion
The engineering company Chicago Bridge & Iron agreed on Monday to buy a rival, the Shaw Group, for $3 billion.

Under the terms of the acquisition, Chicago Bridge & Iron is offering $46 a share in cash and stock for Shaw, which specializes in power generation and government services sectors. The deal represents a 72 percent premium on Shaw’s closing price on Friday.

Chicago Bridge & Iron, based near Houston, said the acquisition would expand its engineering operations in the energy sector, as global demand for fossil fuels continues at pace.

“This is a highly compelling transaction that will create significant value for our shareholders,” Philip K. Asherman, Chicago Bridge & Iron’s chief executive, said in a statement. “By adding them into the CB&I family, we will become fully diversified across the entire energy sector.”

The company said it would finance the acquisition of Shaw through existing cash reserves and debt financing provided by Bank of America and Credit Agricole.

The deal is expected to close during the first quarter of 2013.

Bank of America Merrill Lynch and the law firm Wachtell, Lipton, Rosen & Katz advised Chicago Bridge & Iron, while Morgan Stanley and the law firms Vinson & Elkins and Jones, Walker, Waechter, Poitevent, Carrère & Denègre advised Shaw.

http://dealbook.nytimes.com/2012/07/30/chicago-bridge-iron-to-buy-shaw-group-for-3-billion/?ref=shawgroupinc