Glencore and Rio Tinto Confirm Early Talks on Potential Tie-Up to Form World’s Largest Miner

Overview

• Both groups confirmed preliminary, non‑binding discussions and said they will update the market only if terms are reached.
• Options under review include an acquisition of Glencore by Rio Tinto or an all‑share merger between the companies.
• Financial Times reporting estimates a combined enterprise value exceeding $260 billion.
• In U.S. trading after the disclosures, Glencore’s shares rose while Rio Tinto’s fell.
• Talks reflect a drive to increase copper exposure as prices hit records and sector consolidation accelerates.