CBI: Planned Merger with Energy-Focused McDermott Reduces Business Risks and Creates Cost Synergies.
We expect the share price of no-moat E&C Chicago Bridge & Iron to rise closer to our $23 fair value estimate for CBI as a stand-alone firm following its agreement to merge with energy-focused E&C McDermott in an all-stock transaction valued at roughly $6 billion. We consider this to be a sensible, highly complementary pairing that carries significant cost synergy potential and over time, cross-selling opportunities.The combination provides CBI holders with three main benefits, in ou...
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