Hopes of a partial Aussie takeover of the troubled building giant Fletcher may come to nothing.

Shares in the company rose 11 per cent on Friday on rumours that Australian conglomerate Wesfarmers was building a stake in the business.

And there's speculation Wesfarmers could be after a bigger slice, once it sells the supermarket chain Coles.

But Fat Prophets analyst Greg Smith told Kate Hawkesby it seems extremely unlikely, at least in the short term.

"A lot of the skeletons might not be out of the closet with respect to Fletchers. Wesfarmers most recent foray overseas into the UK's Home Base, [a] DIY home chain, has been a bit of a disaster."

LISTEN TO GREG SMITH TALK WITH KATE HAWKESBY ABOVE