|
Glencore PLC on Thursday said it is in preliminary discussions with Rio Tinto PLC about a possible combination of some or all of their businesses, which if successful would create the world’s largest mining firm. The Baar, Switzerland-based mining firm was responding to media speculation and said talks could result in an all-share merger between itself and London-based peer Rio. ‘The parties current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a court-sanctioned scheme of arrangement,’ Glencore said in a statement. Glencore said there is no certainty that the terms of any transaction or offer will be agreed, nor as to the terms or structure of any such transaction or offer, if agreed. Rio Tinto has until February 5 to announce a firm intention to make an offer for Glencore. Shares in Glencore closed down 1.8% at 415.25 pence each in London for a market value of £48.77 billion. Its ADRs rose 9% in New York. Rio Tinto closed down 1.0% at 6,191.00p for a market value of around £101 billion. Its ADRs fell 0.9% in New York. The discussions are the second round of talks in just over a year between the two companies, after Glencore approached Rio Tinto in late 2024 but a deal did not proceed. A further announcement will be made as appropriate. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
