Leighton Holdings Ltd (ASX: LEI) said the competition watchdog has decided not to grant the relief sought by the company's German parent Hochtief.

The Australian Securities and Investments Commission (ASIC) had last night advised the Company that it had made a decision not to grant the relief sought in Hochtief AG's (Hochtief) application in relation to the proposed takeover bid by Spanish company Actividades des Construcción y Servicios' (ACS) for Hochtief, Leighton Chairman David Mortimer said.

"Our actions will continue to be driven by the protection of minorities and we will reserve our rights to continue to act in their best interests."

"Leighton notes Hochtief's announcement yesterday evening that it intends now to apply to the Takeovers Panel for orders requiring a "downstream" bid for Leighton.

"To the extent that the application has the potential to affect the interests of Leighton's minority shareholders, Leighton will closely monitor the Takeovers Panel proceedings and, if necessary, make submissions in similar terms to those made to ASIC to protect the interests of minority shareholders."

"We also note media comments attributed to ACS regarding support for the continued independent management of Leighton. These comments are encouraging, but Leighton's Independent Directors need to safeguard the current governance arrangements which provide for Leighton to operate under an independent board and management and which have delivered value for all Leighton's 67,000 shareholders and also served the Australian national interest," Mr Mortimer said.

Shares in Leighton closed at 37.25 on Thursday.