News: Hochtief warns Leighton jobs could go

.

Leighton Holdings Limited’s (ASX:LEI) parent company and suitor Hochtief has warned the construction giant’s work force could be cut and its five internal businesses restructured.

 

The Spanish controlled suitor says, “As a result of the general review by Leighton already under way some employees may become redundant.” 

 

The warning was enclosed in a bidder’s statement released after the market closed on Friday and just days after the conditional cash takeover bid was launched.

 

Hochtief has also flagged a potential restructure of Leighton’s internal businesses which include Thiess, John Holland, Leighton Contractors, Leighton Asia, India and Offshore and Leighton Properties.

 

Leighton’s CEO Hamish Tyrwhitt and CFO Peter Gregg resigned following Hochtief’s bid which now sits at $22.50 per Leighton share.

 

Leighton Holdings reported a net profit of $469 million in the full 2013 calendar year.