Rio Tinto Plc (NYSE:RIO) on Thursday confirmed it is in early discussions with Glencore Plc (OTC:GLNCY) regarding a potential combination of part or all of its businesses.
The acquisition may include the possibility of an all-share merger structured as Rio Tinto's acquisition of Glencore via a court-approved scheme of arrangement.
Rio Tinto stated that no offer has been made, terms remain uncertain, and it retains flexibility regarding the transaction structure and consideration.
Notably, as per Rule 2.6(a) of the Code, Rio Tinto has until 5:00 p.m. (London time) on February 05, 2026, to announce either a firm intention to make an offer for Glencore or that it does not intend to proceed.
Biggest Mining Merger
According to Reuters, a completed deal would create a global mining leader with an enterprise value exceeding $200 billion (148 billion pounds).
Rio Tinto currently has a market capitalization of approximately $137 billion, while Glencore is valued at roughly $70 billion, underscoring the potential scale of a possible combination.
History Of Prior Talks
The renewed discussions revive a long and sometimes contentious relationship between the two miners. In 2014, Rio Tinto rejected a merger proposal from Glencore, sparking a public standoff between then-CEO Ivan Glasenberg of Glencore and Rio Tinto's leadership.
More recently, the companies held preliminary merger talks last year, which ultimately collapsed without an agreement.
RIO Price Action: Rio Tinto shares were down 3.46% at $81.28 during premarket trading on Friday, according to Benzinga Pro data.
Photo by Adwo via Shutterstock
