P&O IS to float fee contractor Bovis on the stock market, it announced this week.
P&O chairman Lord Sterling said: 'Bovis has achieved a substantial profit increase over the past five years and now has the financial strength to operate independently.'
Results published this week show that Bovis increased operating profits by 30% to £21M.
A P&O spokesman said: 'We are not world leaders in the construction market but this will give Bovis the opportunity to develop itself in its own environment.'
P&O tried to sell Bovis to WS Atkins last year (NCE 3 December) but talks broke down.