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Chicago Bridge & Iron Company (CBI)

  • 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 | Comment!
  • 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 | Comment!
  • 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 | Comment!
  • 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 | Comment!
  • 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 | Comment!
  • 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 | Comment!
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Company Description
Chicago Bridge & Iron Company provides conceptual design, technology, engineering, procurement, fabrication, construction and commissioning services to customers in the energy, petrochemical and natural resource industries.