Shaw’s board authorises share repurchase programme

The Shaw Group’s board of directors has authorised the purchase of up to $500m (£322m) of outstanding shares of the company’s common stock.

The share repurchase program will be funded from the company’s available cash and short-term investments, which was approximately $1.6bn at the end of the first quarter of fiscal year 2011.

Any purchase under this program in excess of $250m is subject to consent from the company’s amended and restated credit facility lenders.

Shaw has initiated the process to obtain that consent.