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Such a move could do wonders for the share price of New Zealand's third biggest public company, which has more than halved in the past 12 months. The fall in the price is fuelling speculation that Fletcher is being stalked by Australian rival Boral.
Fletcher's price traded below $6 during a topsy-turvy week - down 54 per cent on the same period last year - during which early falls were nullified by late gains. The stock closed on Friday at $6.46.
The company's market capitalisation has dropped like a stone, from $6.6 billion in May last year to a little over $3.2 billion.
Apart from the desired price boost, a move to Australia could increase Fletcher's profile on the global stage and stimulate interest among Australia's deeper pool of domestic investors, Mr Ling said.
"Shifting our operations is something the company has thought about in the past but is not pursuing right at this moment. It's not a decision to be taken lightly.
"There is plenty of pressure for us at the moment to be included in the [Australian Stock Exchange] listed index because of the argument we would trade at less discount and thus the share price would go up. Of course, there is no certainty of that."
A year ago Fletcher was tipped as the hunter of Boral, Australia's biggest buildings and construction materials supplier, with $6.3 billion in annual sales and operations in the United States and Asia. But the tables have turned, with Fletcher now reported to be the quarry. Boral would not comment.
Paul Richardson, BT Funds Management equities portfolio manager, said he did not believe Boral had the balance sheet at present to make such a move.
"Fletcher may well look attractive at the moment given the [share] price slump this year, but in this scenario I think it's more likely that Fletcher Building would make the move," he said.
"Even with the [$960 million] Formica purchase and shrinking earnings, Fletcher has a few hundred million dollars of headroom. Looking at Boral's balance sheet, it does not have the cash."
For some time analysts at Forsyth Barr have regarded Fletcher stock as significantly undervalued.
Head of research Rob Mercer said the company would enhance Boral's exposure to New Zealand, and there would be few overlaps between the two companies in Australia.
The prospect of a takeover may have been fuelled by some brokers talking up the fact that Macquarie Group, which advises Boral, took a 9.45 per cent stake in Fletcher this year.
It is understood, however, that following dividend payments, Macquarie has sold down its interest.
Fletcher directors have maintained that the company is on track to meet analysts' forecasts for net annual earnings of between $450 million and $460 million when the year-end June 30 balance sheet is reported next month.
Despite its exposure to the depressed United States economy through Formica, Fletcher has come a long way since 2001, when three-quarters of its sales were in New Zealand.