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17h ago

Glencore and Rio Tinto Restart Merger Talks, Eye Court-Sanctioned Scheme

Glencore's disclosure triggers a Feb. 5 UK deadline for Rio Tinto to declare a firm offer or walk away.

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Saguenay, QC - 20250212 - Rio Tinto aluminium smelter in Jonquière. The Saguenay-Lac-Saint-Jean region has four aluminium smelters and produces a third of the metal produced in Canada thanks to abundant and cheap hydroelectric power.
A $300 billion mega-merger is on the cards with talks between mining giants Rio Tinto and Glencore. (Alan Porritt/AAP PHOTOS)

Overview

  • Glencore and Rio Tinto said they are in preliminary discussions on combining some or all of their businesses, with the current plan for Rio Tinto to acquire Glencore via a court‑sanctioned scheme that could be all‑share.
  • The Financial Times estimates a combined enterprise value of more than $260 billion, which would create the world’s largest mining group with major copper exposure.
  • Under the UK takeover code, Rio Tinto must announce a firm intention to make an offer for Glencore or cease talks by 5 pm on Feb. 5.
  • Shares moved on the news, with Glencore up roughly 6–7% and Rio Tinto down modestly in U.S. trading.
  • The renewed talks follow a failed 2024 attempt that stumbled over valuation, leadership, and Glencore’s coal assets, factors viewed as potential hurdles as miners seek copper and other critical minerals.