Rio Tinto backs dual-listed structure

RIO Tinto backed its dual-listed structure and asked shareholders to vote against London-based hedge fund Palliser Capital’s resolution to review the firm’s two listings in London and Sydney.The world’s largest iron-ore miner said it had already conducted a robust and comprehensive review of the structure and had engaged with a number of stakeholders, including Palliser. It had previously recommended its London shareholders to vote against the resolution.“A dual-listed companies (DLC) structure unification is not required to provide the group with strategic flexibility,” Rio Tinto said in an article by Reuters on WednesdayA unification would be value destructive for the group and its shareholders, Rio flagged. Rio will have its London annual shareholder meeting on April 3 and its Australian meeting in Perth on May 1.Activist investor Palliser Capital and more than 100 other shareholders in December sought a shareholder resolution calling for Rio’s dual-listed model to be reviewed and urged the miner to keep only its listing in Australia. Their reasoning is that such a move would bolster the company’s share price.However, Australian shareholders are not keen for the move, as they say it would erode value.Rival BHP ended a similar dual-listing structure in 2022 after pressure from activist investors and now has a primary listing in Australia.The post Rio Tinto backs dual-listed structure appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com