Rio Tinto’s top dogs can defend the miner’s clunky dual-listed company structure until they’re blue in the face, but the issue will not be put to bed while they’re cutting $10 billion cheques for M&A deals.
That’s the simple reality for Rio Tinto. It cannot expect shareholders to drop the dual-listed company (DLC) issue – the fact Rio Tinto is split into two companies with two sets of shares trading at materially different valuations – while management says one thing on earnings calls and does the other every time it bids for something.
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