McDermott International, Inc. announced the completion of a merger with Chicago Bridge & Iron Company, energy trade publication LNG Industry reports. CB&I is the company that acquired The Shaw Group.
David Dickson, McDermott’s president and CEO, says the combination of McDermott and CB&I makes the company capable of handling projects from concept to commissioning.
Under terms of the deals, triggered after McDermott stockholders approved a 3-to-1 reverse stock split resolution, CB&I shareholders will get 0.8 shares of McDermott stock for every share of CB&I tendered in the exchange offer. CB&I common stock will no longer be listed on the New York Stock Exchange.