British infrastructure group Balfour Beatty said it would refocus its business as an Anglo-American construction and specialist services group after it posted another fall in pretax profits.
The company provides construction, engineering and facilities management services in more than 80 countries.
It said underlying pretax profits fell 53% to £22m from £47m a year earlier.
Balfour also today said it had rejected a second proposal from rival Carillion to merge, citing significant risks the £3 billion deal would pose to its business.
It said it had rejected Carillion's proposal on the grounds that there was no strategic logic other than to enhance the earnings of the combined group.
Balfour said two weeks ago it had broken off merger talks after Carillion insisted it cancel the planned sale of its US unit Parsons Brinckerhoff and keep it within the merged company.
The approach by Carillion in July followed a difficult 18 months for Balfour Beatty, which has issued a series of profit warnings and lost its chief executive in May.