Construction company Leighton Holdings Limited (ASX:LEI)
is poised to sell its controlling interest in Queensland-based Devine Limited (ASX:DVN)
Both companies have agreed on the process for a potential sale which will see Leighton open bidding on its 50.6 per cent interest.
Devine will solely administer the sale process which will be overseen by an independent board committee and in consultation with Leighton and its advisors.
The residential property developer says there is no assurance the sale will be finalised or what form, if any, the transaction will ultimately take.
Devine believes any potential transaction will depend on the expressions of interest received and attractiveness of the offer.
Leighton Holdings reported a net profit of $469 million in the 2013 calendar year.