What did Palliser Capital urge Rio Tinto to do?

Palliser Capital urged Rio Tinto to take further steps toward unifying its dual-listed structure.

What issue did the Grant Thornton report identify?

The report identified a share price disparity between Rio Tinto's UK and Australian listings, which limits the company's ability to execute major stock-based mergers and complicates equity capital raising.

When will shareholders vote on the proposed resolution?

Shareholders will vote on the resolution at Rio Tinto's upcoming annual general meetings, which will be crucial for determining the future direction of the company's listing structure.

What is the significance of Rio Tinto's dual-listed structure?

Rio Tinto's dual-listed structure has prevented the company from using shares as scrip for any of its approximately $55 billion in acquisitions since it was adopted in 1995.

How does BHP Group's recent action relate to Rio Tinto?

BHP Group eliminated its dual-listing structure in 2022 after facing pressure from activist investors, which highlights a trend that Rio Tinto is now being urged to consider.

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Home > Finance > Palliser urges Rio Tinto to pursue unification of dual-listed structure

Finance

Palliser urges Rio Tinto to pursue unification of dual-listed structure

Published by Global Banking & Finance Review®

Posted on March 10, 2025

2 min read

Last updated: January 25, 2026

Palliser urges Rio Tinto to pursue unification of dual-listed structure - Finance news and analysis from Global Banking & Finance Review

Palliser Capital Calls on Rio Tinto to Consolidate Its Dual Listing

(Reuters) -London-based hedge fund Palliser Capital released on Monday a letter addressed to the chair of global iron ore miner Rio Tinto, urging further steps toward unifying its dual-listed structure following an appraisal report.

The letter highlighted the findings of an appraisal report by Grant Thornton Australia, which identified a share price disparity between the UK and Australian listings.

The report noted that this differential limits Rio Tinto's ability to execute major stock-based mergers and acquisitions and complicates equity capital raising.

Rio Tinto currently operates with a dual-listed structure, maintaining separate shareholder bases in the UK (Public Limited Company) and Australia (Limited). As a result, the company is required to hold two annual general meetings: one in London on April 3 and another in Perth on May 1.

The upcoming votes at Rio Tinto's annual general meetings will be crucial in determining the future direction of the company's listing structure.

At these meetings, shareholders will vote on a resolution proposed by Palliser Capital and more than 100 shareholders, urging a review of the current structure, which the fund has described as inefficient and "value destructive."

Since adopting the dual-listed structure in 1995, Rio Tinto has not used shares as scrip for any of its approximately $55 billion in acquisitions, according to the report. It also suggested that unification could enhance dividend franking capabilities within the company's payout targets.

The company's current listing consists of approximately 371.2 million shares on the Australia Stock Exchange and 1.25 billion shares on the London Stock Exchange.

This move follows similar actions by larger rival BHP Group, which, after facing pressure from activist investors, eliminated its dual-listing structure in 2022 and now primarily lists in Australia.

(Reporting by Roushni Nair in Bengaluru; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)

Palliser urges Rio Tinto to pursue unification of dual-listed structure

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Palliser Capital Calls on Rio Tinto to Consolidate Its Dual Listing

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