9th Jan 2026 06:08
(Alliance News) - Rio Tinto PLC on Friday confirmed that it is in early talks to acquire peer Glencore PLC in what is dubbed an "all-share merger".
The London-based mining firm said the two mining companies have been engaging in "preliminary discussions" about a possible combination of some or all of their businesses, which could include an all-share merger between the duo.
"There can be no certainty that an offer will be made or as to the terms of any such offer, should one be made," Rio Tinto said in a statement on Friday.
Rio Tinto has until February 5 to announce a firm intention to make an offer for Glencore, the Baar, Switzerland-based mining firm.
"The parties' current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a court-sanctioned scheme of arrangement," Rio Tinto said, echoing a statement from Glencore.
On Thursday, Glencore said talks with Rio Tinto could result in an all-share merger between itself and London-based peer Rio, responding to media speculation.
Glencore said there is no certainty that the terms of any transaction or offer will be agreed, nor as to the terms or structure of any such transaction or offer, if agreed.
Shares in Glencore closed down 1.8% at 415.25 pence each in London on Thursday for a market value of GBP48.77 billion. Its ADRs finished up 8.8% to USD12.31 in New York.
In London, Rio Tinto closed down 0.8% at 6,209.00p for a market value of around GBP100.64 billion. Its ADRs finished down 0.8% to USD84.19 in New York.
The discussions are the second round of talks in just over a year between the two companies, after Glencore approached Rio Tinto in late 2024 but a deal did not proceed.
By Jeremy Cutler, Alliance News reporter, updated by Artwell Dlamini, senior reporter South Africa
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