Rio Tinto asks investors to reject Palliser move on ending dual listing

(Sharecast News) - Rio Tinto has asked shareholders to vote against a resolution from hedge fund Palliser Capital to review the mining giant's dual listing in London and Sydney, calling it "value destructive". Palliser wants an Australia-only listing, claiming it would boost Rio's share price.

"Assertions about $50bn of value erosion due to the group's dual-listing are both unfounded and misleading," Rio Tinto said on Wednesday. "A dual-listed companies structure unification is not required to provide the group with strategic flexibility,".

Rio will have its London annual shareholder meeting on April 3 and its Australian meeting in Perth on May 1.

Reporting by Frank Prenesti for Sharecast.com