0232 GMT - Rio Tinto says it isn't in the interest of its shareholders to divulge its tax exposures via an independent review of its dual-listed structure, as requested by Palliser Capital. Macquarie agrees there is a risk in airing the full details publicly. "Public examination raises the risk of renegotiation," Macquarie analysts say in a note. Rio Tinto has rejected calls by Palliser to drop its dual listing, claiming tax costs in the mid-single-digit billions of dollars. It hasn't released fuller details of its own internal review. "If aired, then the risk may eventuate regardless, changing the incremental friction costs," Macquarie says. Still, the Australian bank reckons there are potential benefits to unification, which could include improve valuation for London investors and accelerate the use of Australian tax, or franking, credits. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
February 27, 2025 21:32 ET (02:32 GMT)
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