Activist Investor Pressures Rio Tinto to Unify Dual Listing in Australia

Palliser Capital claims the dual structure has cost shareholders $50 billion and calls for an independent review.

Palliser Capital, a UK-based hedge fund, is urging Rio Tinto to abandon its dual-listed structure and move its primary listing to Sydney.
The dual structure, in place since 1995, has been criticized for creating inefficiencies, limiting share-based acquisitions, and reducing shareholder value.
Palliser argues that Australian investors have missed out on $14.7 billion in tax benefits due to the current setup and estimates a $28 billion upside from unification.
Rio Tinto's leadership has pushed back, citing significant costs and risks to share prices, while suggesting alternative measures like rebalancing share ownership.
The debate comes during broader challenges for the London Stock Exchange, as several major companies have shifted their primary listings overseas in recent years.