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Rio Tinto PLC said on Thursday it has abandoned its bid to acquire peer Glencore PLC, over disagreement on valuation and price. The two mining companies early last month announced an all-share merger that would have culminated in an entity with an enterprise value of around $260 billion. In a short statement on Thursday, Rio Tinto reported that it is no longer considering a possible merger or other business combination with Glencore, saying it could not reach an agreement that would deliver value to its shareholders. In a separate statement, Glencore confirmed that Rio Tinto does not intend to make an offer for Glencore. The key terms of the potential offer were Rio Tinto retaining both the chair and chief executive officer roles and delivering a proforma ownership of the combined company. It said the offer ‘significantly’ undervalued its underlying relative value contribution to the combined group, even before consideration of a suitable acquisition control premium. ‘We concluded that the proposed acquisition on these terms is not in the best interests of Glencore shareholders,’ Glencore said, adding: ‘It does not reflect our view on long term, through the cycle relative value, including not adequately valuing our copper business, and its leading growth pipeline, and apportioning material synergy value potential.’ Glencore said its ‘standalone’ investment case is strong, touting a ‘well-diversified business’ across a range of commodities, supported by the marketing arm. Shares in Glencore were down 8.8% at 466.35 pence each in London on Thursday, for a market value of £55.16 billion, and fell 5.3% to R 108.13 in Johannesburg. In London, Rio Tinto was down 3.1% at 6,790.00p, with a market value of around £155.57 billion. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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