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David Hammer / Eyewitness News
Email: dhammer@wwltv.com | Twitter: @davidhammerWWL

NEWORLEANS - Shareholders of The Shaw Group, one of only three Fortune 500 companies in Louisiana and a key player in post-Katrina public contracts, voted Friday to be acquired by infrastructure giant CB&I.

The $3.1 billion purchase was approved by 99 percent of shareholders who voted in Baton Rouge. CB&I shareholders overwhelmingly approved the deal earlier this week.

The deal is scheduled to close in the first quarter of 2013 and would create a new division, CB&I Shaw. Shaw currently holds major state recovery project contracts and subcontracts, but most of those are winding down.

Shaw shareholders stand to collect $41 cash and about an eighth of a share of CB&I stock for every share of Shaw stock they hold.

Shaw was the leading subcontractor for the state's $10 billion Road Home homeowner rebuilding program, ran the $750 million home elevation grant program and still runs the $500 million Small Rental repair program.

Shaw spokeswoman Gentry Brann, the former Road Home spokesperson, said the merger will not have a significant impact on current Shaw operations or employees.

'We do not anticipate any changes to any of Shaw's major offices at this time,'Brann said. 'CB&I and Shaw's businesses are very complementary that we believe will grow stronger together. The skill sets of the companies and our employees work very well together.'

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