Donnelly added that an auction would begin later this month, with a firm shortlist of buyers drawn up by September, but ruled out the prospect of a management buyout.
He said it would depend upon the buyer as to whether Morrison's joint-venture deals with other developers would be included in the sales package.
The firm has appointed City investment bank Dresdner Kleinwort Wasserstein to help sell the business, which turns over £100m a year.
The move follows last month's revelation that AWG's acquisition of Morrison Construction had led to unanticipated costs of £106.4m in the past year.
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