Mining giant Rio Tinto has ruled out a change to its dual-listed structure, as bigger rival BHP Billiton grapples with a push from activist hedge fund Elliott Advisors to scrap its double listing.
"We have looked at it from time to time, never seriously because we don't see the problem," Rio chairman Jan du Plessis said after the company's annual general meeting on Thursday.
"The dual-listed company works, the cost of managing the DLC structure is minimal and therefore we have not given serious thought at any point of time to change the structure."
BHP and Rio Tinto are listed on the London Stock Exchange and Australian Securities Exchange.
Elliott Advisors wants to restructure BHP, including having a primary listing on the London Stock Exchange, a plan the miner has dismissed.
Federal Treasurer Scott Morrison has warned a push by Elliott Management to scrap BHP's dual listing may invite court action and could be subject to civil penalties.
He said BHP is required to remain listed on the ASX under the terms of the government's approval of the BHP and Billiton merger in 2001.
"Whilst I don't want to comment on the BHP conversation, some of the comments made in Canberra in the last day or two, I should think there would be a similar point of view if Rio Tinto were to consider a change of structure," Mr du Plessis said.
"I cannot see us changing the DLC structure for a long time."
Share
