Shaw's previously announced divestiture of its Energy & Chemicals division to Technip of France is completed, clearing the way for the acquisition of Shaw by CB&I. Proceeds from the transaction were approximately $290 million in cash.
Shaw divests its problem child: The US engineering company announced to sell its energy and chemical (E&C) division to French Technip for US $ 300 million. The company's CEO Jim Bernhard believes that the selling of this long time problematic business, that only moved back into profit this year, would help Shaw to focus on its core industries.
CB&I has entered into a definitive agreement to acquire power and civil engineering specialist Shaw. The bid has triggered an upward spurt for Shaw stocks. This multi–billion acquisition could create one of the most complete energy focused technology, engineering, procurement, fabrication, construction, maintenance, and associated services companies in the world, industry insiders believe.
The Shaw Group recently announced it has been awarded a contract to provide front-end engineering and design (FEED) for the replacement of two naphta storage tanks by Abu Dhabi Gas Liquefaction Company (ADGAS).