Overview
- Both companies said they are exploring combinations of some or all businesses, including a potential Rio Tinto share-swap takeover of Glencore.
- A merged group would be valued around $207 billion by market cap and over $260 billion by enterprise value, positioning it to overtake BHP.
- The discussions reflect a push to scale in copper, with rising demand tied to the energy transition and growth in power-hungry data centers.
- Key obstacles flagged by analysts and investors include Glencore’s coal assets, antitrust scrutiny, cultural differences, and valuation risks; Rio exited coal in 2018 by selling mines to Glencore.
- This is a renewed approach after talks first surfaced in late 2024 and resumed late 2025, with shares reacting as Glencore rose about 6% after the confirmation and Rio Tinto fell.