Activist fund Palliser Capital has increased its pressure on Rio Tinto (RIO) to mount a counterbid for Teck Resources (TECK), Clara Denina of Reuters reports, citing a letter sent to the board seen by Reuters. Palliser has urged the company to unify its dual listed structure and spin off its base metals business, the letter included. Palliser holds around a $400M stake, or less than 1%, in the miner, according to sources close to the matter.
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