Just about any media outlet that reported on what
happened to the ‘Australian Construction Giant’ Leighton over the last week or
so, labelled the events as the actions of the ‘Spanish Armada’s’.
Even without needing to resort to Google to refresh my
historical knowledge, I had an inkling that the parallels were not meant to be flattering
to the Spanish backed Hochtief blitzkrieging the Aussies.
I guess, going back to the 16th century for
the precedent they wanted to reference was a bit safer for the ‘like to play it
careful’ journos than looking for a German equivalent of a more recent history.
Still, I wonder how many of the reporters that obligingly
re-parroted the original story have paused even for a minute and thought
through what they were truly implying by likening the new CEO of the ‘iconic
Australian contractor’ to the head of the infamously stricken Spanish fleet?
There also was an almost palpable hint in most of these
reports that ‘all was not lost’ for Hamish T, the disposed CEO, neither financially
nor professionally, having bagged a handsome golden handshake and a public ‘no
issue with his performance’ statement.
Still, while carefully sitting on the fence of ‘make-believe
independence’ most media duly reported on the size of his parting package, yet none
that I read ventured into any speculation of what his future steps could be.
Will he wait out a customary ‘grieving period’ and launch
into a competing business himself or just spend the remaining years playing
golf and guest-speaking at business luncheons?
Will there be a diplomatic role earmarked for him in one
of the exotic places he’d so well connected with, an obvious career for a
professional with a hair/smile feature-duo groomed to perfection.
Also don’t forget all the suits he must have amassed
through his career – you’d not want to have those go to waste, heaven forbid
eaten by the moths.
And anyway, barring some serious breakers in his
severance package, why would he be ‘mothballing’ his career at the age of 50 or
so?
After all, he should be ahead of the Spanish/Germans’, at
least on the Aussie construction turf with his understanding of the ‘real value’
of the deal they were obtaining by so eagerly wanting to own a large part of Leighton.
True, there are tangible parts of the business that if sold
quickly and smartly may turn into some real money, there may even be numerous
projects that will be closed without making significant losses, however the ‘real
juicy future’ this Armada may be banking on, that is based on a steady supply
of government civil, infrastructure and building projects for years and years
to come could be a bit less of a ‘sure thing’.
Take away the tangibles and what you’re left with is, the
‘goodwill’ of the company.
And, it’s not called ‘goodwill’ for nothing…
Mr T should go back to his own-and-fellow Leightoners’ experiences in misjudging this component at acquisitions
Leighton had made in the past – and in this case use what was learned from the
mistakes they made to his own advantage.
In this industry connections mean more than anything
else, the ‘who you know’ over the ‘what you know’, rules it, pretty much
globally.
He could set up a rival company, pick the good bits out
of Leighton and entice them over to the new business and then beat the now foreign-owned
Leighton to the meaty Aussie projects the government will put out on offer in
the future.
And if he plays it right, he may be able to pull the same
scam off in parts of Asia that Leighton has been historically strong too.
For a little while yet, anyway.
picture from here: