Activist investor Palliser Capital has stepped up its campaign to get Rio Tinto to abandon its primary London listing, demanding an independent review of whether to follow rival BHP’s lead and unify its corporate structure in Australia.
Rio Tinto’s dual-listed structure, with its primary listing in London and a secondary one in Sydney, had been an “unmitigated failure” that had deprived shareholders of $50bn in value, Palliser said in a letter sent to the board on Wednesday and seen by the Financial Times.
The UK-based hedge fund, which holds a stake worth about $250mn in Rio, first made its call for the company to quit London in May. The latest crusade has been timed to coincide with Rio’s investor day in London.
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