Shareholders in Rio Tinto have rebuffed calls from an activist investor for the global mining group to ditch its dual London listing and focus on Australia.<\/p>\n
More than 80% of investor votes cast at its annual general meeting on Thursday were made against the proposal from Palliser Capital, with just 19% made in favour.<\/p>\n
It had threatened to deal yet another blow to the beleaguered London market, following BHP\u2019s exit and Glencore\u2019s move to consider moving its primary listing away from the UK.<\/p>\n
On announcing the shareholder vote outcome, Rio Tinto said: \u201cRio Tinto consulted widely with shareholders of both Rio Tinto plc and Rio Tinto Limited on the requisitioned resolution prior to the annual general meetings and received significant support for the board\u2019s conclusion that unification of the dual-listed companies structure is not in the interests of shareholders and Rio Tinto as a whole.\u201d<\/p>\n
The FTSE 100 firm \u2013 the world\u2019s second biggest mining group behind BHP \u2013 added: \u201cAny unification of the dual-listed companies structure under Rio Tinto Limited would give rise to material issues, including expected tax costs in the mid-single digit billions of US dollars.\u201d<\/p>\n
Palliser Capital had called on the metals and minerals firm to drop its \u201coutdated\u201d dual listing structure across the London and Sydney financial markets.<\/p>\n
The UK-based hedge fund, which has a roughly 300 million US dollar (\u00a3225 million) stake in Rio Tinto, has called for it to follow rival BHP, which moved its primary listing to Sydney in 2022.<\/p>\n
But investors in both London and Australia rebuffed the plea, with the AGM in Perth on Thursday coming three weeks after UK investors cast their votes, although aggregate results were only published after both meetings had taken place.<\/p>\n
More than three-quarters \u2013 around 77% \u2013 of investors hold UK-listed stock in Rio Tinto, although it makes most of its revenues running mines in Australia.<\/p>\n","protected":false},"excerpt":{"rendered":"Shareholders in Rio Tinto have rebuffed calls from an activist investor for the global mining group to ditch…\n","protected":false},"author":2,"featured_media":65349,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[22160,748,33455,393,4884,257,33456,33452,16,15],"class_list":{"0":"post-65348","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-activist-investor","9":"tag-britain","10":"tag-dual-listed","11":"tag-england","12":"tag-great-britain","13":"tag-london","14":"tag-palliser-capital","15":"tag-rio-tinto","16":"tag-uk","17":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114431955014665579","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/65348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=65348"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/65348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/65349"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=65348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=65348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=65348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}