Speculation about a break-up or buyout of Fletcher Building has re-emerged with investment banks said to be working on pitches on the other side of the Tasman, according to an Australian media report.

The Australian Financial Review’s ‘Street Talk’ column on Tuesday reported that at least three investment banks are seeking a buyer for Auckland-based Fletcher after the shares sank 21 per cent, wiping $1.52 billion from the value of the country’s biggest building firm. This came after unexpectedly weak earnings from its…