Business
Keating weak on Rio Tinto deal: Costello – The Australian Financial Review
The Keating government waved through the creation of Rio Tinto without strong local content rules, which is why we are still arguing about whether the CEO should be Australian even though 90pc of earnings come from iron ore.
”The theory was it would be dual listed. We would see a Rio head office in London, a CRA head office in Collins Street, nothing was going to change but it would help CRA by giving it access to the London capital markets and big institutions would have to hold their shares,” recalled Mr Costello, who was shadow Treasurer in 1995.
”I think the government was hoodwinked in 1995, they were told that nothing would change, and I think probably the CRA management were hoodwinked too, but as time wen…
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