Overview
- Glencore confirmed preliminary discussions with Rio Tinto on a possible combination that could include an all‑share merger.
- The parties said their current expectation is a Rio Tinto acquisition of Glencore via a court‑sanctioned scheme of arrangement.
- Glencore cautioned there is no certainty a transaction will be agreed or on any eventual terms or structure.
- US‑listed Glencore shares rose about 6% after the disclosure, while Rio Tinto’s US‑listed shares fell roughly 0.6%, and ASX 200 futures were about 0.3% higher.
- A tie‑up could create a mega miner, with Rio Tinto valued around US$142 billion and Glencore about US$65 billion, following an earlier, short‑lived approach in 2024.