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Earlier this month, Shaw posted a $16 million loss for its fiscal third quarter, hurt by expenses stemming from the winding down of some energy and chemicals assets that it expects to sell to French oilfield services group Technip for $300 million in the fourth quarter. But its $1.56 billion in revenue was more than Wall Street expected and it projected a better-than-expected adjusted profit for the full year. CB&I said it expects the Shaw deal to boost its earnings per share by double-digits in the first year excluding transaction-related costs. Shaw's operations will operate under the brand name CB&I Shaw after the deal closes. The deal has been approved by both companies' boards, but remains subject to shareholder approval. It's expected to close in early 2013.
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