“For value to be protected for all shareholders, Leighton considers that any ACS bid required by ASIC downstream be a fully priced cash bid for the minority stake which recognises the inherent value in the company, including a premium for control,” Leighton chairman David Mortimer said yesterday.

“If such a bid is not forthcoming, then Leighton considers that the only acceptable alternative for shareholders is a guarantee of the company's independence, including its brands, market position and operations.”

He added the company was controlled by an independent board and independent management in line with protocols established with Hochtief over many years, and this independence had made Leighton’s growth possible since the original investment in 1983.

Leighton chief operating officer David Stewart added that recent project wins demonstrated the company’s determination to keep progressing.

"In the last few weeks, the group has been awarded a $170 million gold mining contract in the Philippines, a $348 million mining contract at the Jellinbah coal mine in Queensland, the building of a $660 million sludge treatment facility in Hong Kong, construction of a 1.04 billion United Arab Emirates dirham ($A300 million) port project in Abu Dhabi and a $105 million contract to upgrade a water reclamation plant in southeast Queensland.

“These project awards are a testament to the capabilities, strength and financial acumen of the Leighton Group," Stewart, who is the company’s chief executive officer-elect, said.

Leighton subsidiary Leighton Contractors had in September secured an $800 million civil and underground works package for Chevron’s Gorgon LNG project.

Hochtief, which holds close to a 55% share of Leighton, is the subject of a 2.73 billion euro all-share takeover from ACS. ACS already owns about 30% of Hochtief