Deals
CB&I Drops Most in 11 Months on $3 Billion Shaw Purchase
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Chicago Bridge & Iron Co. fell the most in almost a year after agreeing to buy Shaw Group Inc. for about $3 billion as the energy construction and engineering company expands its nuclear building services.
The shares tumbled 14 percent to $34.94 at the close in New York, the steepest drop since Aug. 8. Shaw’s 55 percent gain to $41.49 was still short of CB&I’s $46 cash-and-stock offer, 72 percent more than the July 27 closing price.