Chicago Bridge & Iron Company (CBI) - NYSE
  • Oct. 28, 2015, 3:50 PM
    • Chicago Bridge & Iron (NYSE:CBI), which jumped after hours yesterday on news it was selling its nuclear construction business, is up 15.9% today as Credit Suisse says it's time to buy.
    • Shares had fallen 22% in the past six months prior to the move.
    • Credit Suisse has upgraded shares to Outperform, from Neutral, and raised its price target to $51 from $45. Shares had closed at $38.96, implying 31% upside.
    • The Vogle and Summer construction projects had been a significant overhang on CB&I, says Credit Suisse's Jamie Cook, over concerns about fixed-price contracts with delays and overruns. A charge of $1-$1.2B is "large," says Cook, but "we see this as a positive catalyst as the charge is now known, over, and non-cash.”
    • As previously noted, CB&I's deal with Westinghouse excludes a variety of CB&I's businesses, including fosil power generation, nuclear/industrial maintenance, the MOX project and Fed decommissioning.
    • Previously: Westinghouse picks Fluor to manage nuclear builds; CB&I now up 10.4% (Oct. 27 2015)
    • Previously: CB&I selling nuclear construction business to Westinghouse Electric (Oct. 27 2015)
    | Oct. 28, 2015, 3:50 PM | 4 Comments
  • Oct. 27, 2015, 6:16 PM
    • In conjunction with Chicago Bridge & Iron's (NYSE:CBI) sale of its nuclear construction business to Westinghouse Electric, Westinghouse has named Fluor (FLR -3.4%) to manage the construction of the ongoing projects.
    • The work will include a pair of large projects: Vogtle Units 3 and 4 in Georgia, and two Generating Units at the V.C. Summer project in South Carolina.
    • The company is beginning work immediately under a professional services deal, and management plans for construction will become effective at the close of Westinghouse's acquisition of CB&I's business.
    • Fluor will book an award in its Q4 tied to taking on the two projects.
    • Meanwhile, CB&I has moved up 10.4% after hours in reaction to the company's plans to sell its construction business. Fluor is flat in postmarket action.
    | Oct. 27, 2015, 6:16 PM | 4 Comments
  • Jan. 1, 2013, 6:28 AM

    Shaw (SHAW) CEO James Bernhard last week sold 0.99M of his 1.13M shares in the company after investors approved its sale to Chicago Bridge & Iron (CBI) in a $3B deal. Bernhard has been criticized by Denali Investors, which owns 1.1% in Shaw, for agreeing on a price that was too low. Denali wants a special committee to probe Bernhard for a possible conflict of interest, speculating that he may have political ambitions that influenced the timing the sale.

    | Jan. 1, 2013, 6:28 AM
  • Aug. 21, 2012, 2:52 PM
    Stock investors have reacted in a subdued way to recent deals (I, II, III) for oilfield services firms that should boost the earnings of buyers, including National Oilwell Varco (NOV), FMC Tech (FTI) and Chicago Bridge & Iron (CBI), Tudor Pickering analysts say. Most of the targets, such as Pure Energy, have “healthy” exposure to North America, which analysts say investors "still view skeptically."
    | Aug. 21, 2012, 2:52 PM
  • Jul. 31, 2012, 5:20 PM
    Analysts aren't sold on the $3B deal combining Chicago Bridge & Iron (CBI) and Shaw Group (SHAW), as the companies have seen five downgrades between them. CBI had been viewed as a high-quality, low-risk investment, but Shaw's "lumpier results and inconsistent profitability" and exposure to nuclear power adds extra risk to its business.
    | Jul. 31, 2012, 5:20 PM
  • Jul. 30, 2012, 1:33 PM
    Suspicions of insider trading surround CB&I's (CBI) $3B acquisition of Shaw Group (SHAW) after a trader today made a big paper return on 2000 August $29 options that he or she bought bought on Thursday for $0.25 each. With Shaw's shares +55% to $41.40 the calls are worth $12.40.
    | Jul. 30, 2012, 1:33 PM | 3 Comments
  • Jul. 30, 2012, 10:40 AM

    Fluor (FLR +0.1%) gives back most of an early pre-market pop following the announcement earlier that CB&I (CBI -14%) was acquiring Shaw (SHAW +58%) for $46 per share - a 72% premium from Friday's $26.69 close. Other peers with similar moves on the news today: URS +1%, KBR +0.8%, JEC +0.2%, ACM +1% and TTEK +0.7%.

    | Jul. 30, 2012, 10:40 AM
  • Jul. 30, 2012, 8:05 AM

    More on CB&I (CBI -5.4%) acquisition of Shaw (SHAW] +66%): the deal, which is worth ~$3B, will create a company with 50K employees, a backlog of over $28B, and engineering and fabrication facilities on all continents. The firm will "become fully diversified across the entire energy sector." CB&I will use both companies' cash and $1.9B in debt to finance the agreement. Shaw will operate as CB&I Shaw.

    | Jul. 30, 2012, 8:05 AM
  • Jul. 30, 2012, 7:48 AM

    CB&I (CBI) has agreed to acquire Shaw Group (SHAW) for $46 a share in cash and stock. Shaw's close on Friday was $26.69; shares are +71% premarket.

    | Jul. 30, 2012, 7:48 AM
Company Description
Chicago Bridge & Iron Co. NV engages in the provision of conceptual design, technology, engineering, procurement, fabrication, construction, and commissioning services to the energy, petrochemical, and natural resource industries. It operates through the following segments: Engineering,... More
Industry: General Contractors
Country: United States