City Of London
Rio Tinto Rejects Call by Activist Investor to End Dual Listing
- Follows announcement Glencore looking to exit London bourse
- Palliser says tens of billions has been lost due to structure
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Rio Tinto Group has rebuked a call from activist investor Palliser Capital UK Ltd. to unify its dual listing into an Australian-domiciled holding company, saying tax costs would amount to billions and there was nothing to gain.
Palliser has been asking Rio to end its London listing since May, arguing unification could “unlock $28 billion of upside in the near term” for shareholders and that the current structure had cost investors $50 billion.