Article in SMH not positive on lei. Here is probably why share...

Article in SMH not positive on lei. Here is probably why share price where its at.

Few analysts are calling Leighton a buy at this point. This might put some time pressure on ACS if it wants to place Hochtief's shareholding in Leighton to investors or attempt to find a corporate buyer.

If there are some nasties hidden inside Leighton, there will be fingers pointed at the current board.

But these concerns are not fully reflected in Leighton's share price, which is trading at about 17 times earnings. If corporate activity shines a spotlight on Leighton it may uncover issues that sceptics have been worried about for a while.