Construction company Leighton Holding’s shares have been placed in a trading halt amid speculation it is about to sell its services business for up to $1 billion.
Leighton said its shares would remain in a trading halt for up to two days.
The move came amid reports that private equity giant Apollo Global Management was poised to buy Leighton Services for $1 billion.
The Australian Financial Review reported that Apollo was finalising its financial arrangements for the deal with Barclays Capital.
Leighton said today it had placed its shares in a trading halt because of media speculation about its operations and maintenance services business.
You might like
The Leighton Services business includes facilities management, waste disposal, telecommunications maintenance and land remediation.
In June, Leighton announced a major plan to cut costs and streamline its operations and management.
At the time, it flagged the plan could include offloading some of its businesses or introducing partners to its construction, engineering and mining operations to help simplify its structure and lift profits.
As part of that process, Leighton last week agreed to sell its John Holland contracting and engineering business to China’s CCCC International Holding Limited for $1.15 billion.
Chief executive Marcelino Fernandez Verdes had wanted any divestment deals to be completed by March 2015.
