0412 GMT - Platypus Asset Management hasn't fixed on which way it will vote on a resolution seeking an independent review of Rio Tinto's dual-listed structure, says portfolio manager Stephen Butel. However, it has some concerns about the resolution, requisitioned by activist investor Palliser Capital, he says. "Claims by Palliser that post-unification performance more generally is positive seem to be high level at best," Butel says, adding that share price performance is hard to predict. "The cost of unification remains unclear from both parties, as does the impact on franking credits," he adds. Palliser claims the dual listing is an obstacle to dealmaking, although that doesn't bother Butel. "As shareholders, we like the DLC as it makes large-scale, scrip-based M&A--as per the recent [proposed] BHP and Anglo deal--harder to undertake," he says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
April 02, 2025 00:12 ET (04:12 GMT)
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