Following the assurance of independence provided by Actividades de Construccion y Servicios (ACS) of Spain, Australia's Leighton Holdings Ltd declared on Monday that no further attempts of blocking ACS's takeover bid of Germany's Hochtief would emanate from the giant construction firm.

Hochtief, which is Leighton Holding's parent company due to the German firm's 54.48 ownership stakes in the Australian firm, is the target of a hostile acquisition proposal by ACS.

Fearing for its corporate and operational autonomy, Leighton Holdings lodged an application before the Takeover Panel and asked that the deal be regarded as unacceptable since it would compromise the company's independence considering that the German firm is its majority shareholder.

A governance arrangement between Leighton and Hochtief has ensured that the former would enjoy insulation from possible meddling by the latter, which ACS declared in writing would be the continuing norm even in the event of a merger between the German and Spanish firms.

That formal declaration was mostly the basis of the Takeover Panel in passing over the Leighton application and the Australian construction company reacted by saying that it would not appeal the decision.

A statement issued by ACS pointed to emerging signs that its takeover proposal for Hochtief would prosper as the Spanish firm expressed happiness that the Takeover Panel ruled favourably on it side.

ACS said that the present governance arrangements between Leighton and Hochtief would be honoured once the deal pushes through.

Leighton Holdings chairman David Mortimer said that the company was encouraged by ACS's public declaration that it would sustain the governance agreement in effect between the Aussie firm and Hochtief.

In his released statement, Mr Mortimer stressed that ACS made known its willingness to forge a formal and binding governance agreement with Leighton, adding that the company intends "to actively pursue such an agreement to protect the interests of our minority shareholders."