The Wall Street Journal

Rio Tinto Braces for Investor Vote on Review of London Listing

Palliser Capital wants Rio Tinto to become a wholly Australian company with a primary listing on Australia’s stock exchange

Attendees speak with representatives at the Rio Tinto booth at a mining conference in Toronto.
Attendees speak with representatives at the Rio Tinto booth at a mining conference in Toronto. Photo: carlos osorio/Reuters

First BHP Group ended its primary listing in London. Then Glencore said it is studying a move elsewhere. Now, Rio Tinto shareholders will decide whether to step up pressure on the mining giant to junk its decades-old dual listing in London and Sydney.

Thursday’s vote in London at Rio Tinto’s annual shareholder meeting will test support for a change that has been championed by Palliser Capital, an activist investor. Palliser argues the status quo drags on Rio Tinto’s value by restricting the miner’s ability to pursue stock-based deals and fully utilize its Australian tax credits, which the miner denies.

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