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Ian Grice, the chief executive of Alfred McAlpine, will stand down immediately if Carillion鈥檚 拢600m takeover goes through, it is understood.

The deal, which would create the UK鈥檚 second largest contracting business, looks set to be confirmed within a month. The breakthrough came when McAlpine agreed to a preliminary 585p-a-share approach last week and said it would open its books for due diligence.

Many commentators expected that Grice, 54, an engineer who has spent his career in the industry, would remain. But a senior source at McAlpine said: 鈥淚an will go. He won鈥檛 stay on to help for any transition period.鈥�

The source insisted that McAlpine was in no hurry to agree a deal, and may pull out if the terms were not to its liking.

He said Carillion had to agree to 鈥渒ey conditions鈥� if a revised offer was to be recommended to shareholders. He declined to say what those might be, but commented: 鈥淚f you ask anyone in this business which company is better at construction you鈥檒l get a straight answer, and it sure won鈥檛 be Carillion. We鈥檙e not sweating here. If there is an offer and it meets our conditions then fine. But nothing is decided yet.鈥�

City sources said the deal had substantial support and was unlikely to be derailed.

If there is an offer and it meets our conditions, fine. But nothing is decided

Alfred McAlpine insider

It looks likely that the bulk of the expected job losses will be in McAlpine鈥檚 headquarters. One source said: 鈥淭he only overlap is in head office.鈥�

Joe Brent, an analyst at Citigroup, said at a conservative estimate there would be 拢15m of synergies. He said: 鈥淐arillion will want to bolt on McAlpine鈥檚 infrastructure, construction and facilities management businesses to its own businesses.鈥�

McAlpine confirmed the sale of its PFI division to Infrastructure Investments for 拢52.2m. It is also selling its slate business.

A McAlpine spokesperson said: 鈥淭his sort of speculation is premature. No formal offer for the business has yet been tabled, let alone detailed discussions on individual roles. Due diligence only commenced this week.鈥�

As the heat on Grice intensified this week it emerged that John McDonough, the chief executive of Carillion, was in the Middle East on company business.