March 19 (Reuters) - Mining major Rio Tinto (RIO.AX) , opens new tab on Wednesday backed its dual-listed structure and asked shareholders to vote against London-based hedge fund Palliser Capital's resolution to review the firm's two listings in London and Sydney.

The world's largest iron-ore miner said it had already conducted a robust and comprehensive review of the structure and had engaged with a number of stakeholders, including Palliser. It had previously recommended its London shareholders to vote against the resolution.

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"A dual-listed companies (DLC) structure unification is not required to provide the group with strategic flexibility," Rio Tinto said on Wednesday.

A unification would be value destructive for the group and its shareholders, Rio flagged. Rio will have its London annual shareholder meeting on April 3 and its Australian meeting in Perth on May 1.

Activist investor Palliser Capital and more than 100 other shareholders in December sought a shareholder resolution calling for Rio's dual-listed model to be reviewed and urged the miner to keep only its listing in Australia. Their reasoning is that such a move would bolster the company's share price.

However, Australian shareholders are not keen for the move, as they say it would erode value.

Rival BHP (BHP.AX) , opens new tab ended a similar dual-listing structure in 2022 after pressure from activist investors and now has a primary listing in Australia.

https://www.reuters.com/markets/commodities/rio-tinto-backs-dual-listed-structure-asks-shareholders-reject-pallisters-bid-2025-03-19/