Guy Elliot, Rio finance director, met with Australian investors after the deal was announced last week. The meetings were held in Melbourne and Sydney last Friday and Monday, including one-to-one talks with large investors and roundtable meetings with smaller investors.
One investor who attended and asked not to be named, said: “There were some angry people around the table.”
Chief among their concerns are that shareholders will be diluted if Chinalco converts a $7.2bn bond into equity and that Rio failed to provide investors with an opportunity to participate in a rights issue to pay off debt.
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