14th Jan 2026 11:55
FORM 8.5 (EPT/RI)
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the Code)
1. KEY INFORMATION
(a) Name of exempt principal trader: | UBS Investment Bank, London |
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Glencore plc |
(c) Name of the party to the offer with which exempt principal trader is connected: | Rio Tinto plc |
(d) Date dealing undertaken: | 13 January 2026 |
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A" | YES
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2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security | Purchases/ sales
| Total number of securities | Highest price per unit paid/received | Lowest price per unit paid/received |
Ordinary NPV | Buy
| 17954622 | 4.70265 GBP | 3.29887 GBP |
Ordinary NPV | Sell
| 10037686 | 103.64000 ZAR | 4.61975 GBP |
(b) Cash-settled derivative transactions
Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit |
Ordinary NPV | CFD
| Long | 48700 | 4.647312 GBP |
Ordinary NPV | CFD
| Long | 24420 | 4.665007 GBP |
Ordinary NPV | CFD
| Long | 21294 | 4.656144 GBP |
Ordinary NPV | CFD
| Long | 19572 | 4.642049 GBP |
Ordinary NPV | CFD
| Long | 18712 | 4.6925 GBP |
Ordinary NPV | CFD
| Long | 30435 | 4.64025004107114 GBP |
Ordinary NPV | CFD
| Long | 159978 | 4.64124998437285 GBP |
Ordinary NPV | CFD
| Long | 1752 | 4.66292679406393 GBP |
Ordinary NPV | CFD
| Long | 475 | 4.68501052631579 GBP |
Ordinary NPV | CFD
| Long | 97 | 4.65546391752577 GBP |
Ordinary NPV | CFD
| Long | 56666 | 4.6613 GBP |
Ordinary NPV | CFD
| Long | 1439 | 4.68500347463516 GBP |
Ordinary NPV | CFD
| Long | 75 | 4.65546666666667 GBP |
Ordinary NPV | CFD
| Long | 56986 | 4.70105955848805 GBP |
Ordinary NPV | CFD
| Long | 978 | 4.675523 GBP |
Ordinary NPV | CFD
| Long | 31676 | 102.8862 ZAR |
Ordinary NPV | CFD
| Long | 20748 | 103.0247 ZAR |
Ordinary NPV | CFD
| Long | 2415 | 102.77378054 ZAR |
Ordinary NPV | CFD
| Long | 28337 | 102.7676476 ZAR |
Ordinary NPV | CFD
| Long | 826 | 102.61 ZAR |
Ordinary NPV | CFD
| Long | 30852 | 102.53 ZAR |
Ordinary NPV | CFD
| Long | 2286 | 4.647645 GBP |
Ordinary NPV | CFD
| Long | 922 | 4.67549955 GBP |
Ordinary NPV | CFD
| Long | 198 | 4.67539954 GBP |
Ordinary NPV | CFD
| Long | 210154 | 4.70181192 GBP |
Ordinary NPV | CFD
| Long | 62226 | 4.65687609 GBP |
Ordinary NPV | CFD
| Long | 9090 | 4.70162384 GBP |
Ordinary NPV | CFD
| Long | 167 | 4.6525 GBP |
Ordinary NPV | CFD
| Long | 1051 | 4.661 GBP |
Ordinary NPV | CFD
| Long | 73 | 4.655 GBP |
Ordinary NPV | CFD
| Long | 145 | 4.6595 GBP |
Ordinary NPV | CFD
| Long | 129401 | 4.646845 GBP |
Ordinary NPV | CFD
| Long | 1709 | 4.66 GBP |
Ordinary NPV | CFD
| Long | 3469 | 4.63 GBP |
Ordinary NPV | CFD
| Long | 492 | 4.6305 GBP |
Ordinary NPV | CFD
| Long | 41635 | 103.07295112 ZAR |
Ordinary NPV | CFD
| Long | 23289 | 4.655048 GBP |
Ordinary NPV | CFD
| Long | 9695 | 4.64618065 GBP |
Ordinary NPV | CFD
| Long | 12611 | 4.70105939259377 GBP |
Ordinary NPV | CFD
| Long | 3062 | 4.64732 GBP |
Ordinary NPV | CFD
| Long | 53265 | 4.70105960762227 GBP |
Ordinary NPV | CFD
| Long | 211 | 4.68502369668246 GBP |
Ordinary NPV | CFD
| Long | 50 | 4.6556 GBP |
Ordinary NPV | CFD
| Long | 1239 | 4.68500403551251 GBP |
Ordinary NPV | CFD
| Long | 229 | 4.65550218340611 GBP |
Ordinary NPV | CFD
| Long | 1909 | 4.68500261917234 GBP |
Ordinary NPV | CFD
| Long | 387 | 4.65550387596899 GBP |
Ordinary NPV | CFD
| Long | 551 | 4.68500907441016 GBP |
Ordinary NPV | CFD
| Long | 41 | 4.65560975609756 GBP |
Ordinary NPV | CFD
| Long | 2699 | 4.68500185253798 GBP |
Ordinary NPV | CFD
| Long | 519 | 4.65549132947977 GBP |
Ordinary NPV | CFD
| Long | 1905 | 103.0942 ZAR |
Ordinary NPV | CFD
| Long | 9309 | 103.07773552 ZAR |
Ordinary NPV | CFD
| Long | 5704 | 103.122 ZAR |
Ordinary NPV | CFD
| Long | 23039 | 102.8959 ZAR |
Ordinary NPV | CFD
| Long | 2003934 | 4.702 GBP |
Ordinary NPV | CFD
| Long | 168000 | 4.6480954285 GBP |
Ordinary NPV | CFD
| Long | 23401 | 4.682958 GBP |
Ordinary NPV | CFD
| Long | 203600 | 4.6506876719057 GBP |
Ordinary NPV | CFD
| Long | 417200 | 4.69522559923298 GBP |
Ordinary NPV | CFD
| Long | 28642 | 4.65876915 GBP |
Ordinary NPV | CFD
| Long | 665981 | 4.656097 GBP |
Ordinary NPV | CFD
| Long | 446170 | 4.701765 GBP |
Ordinary NPV | CFD
| Long | 122759 | 4.652908 GBP |
Ordinary NPV | CFD
| Long | 97926 | 4.692497 GBP |
Ordinary NPV | CFD
| Long | 17356 | 4.64939 GBP |
Ordinary NPV | CFD
| Long | 3910 | 4.64874916608696 GBP |
Ordinary NPV | CFD
| Long | 51960 | 4.639016 GBP |
Ordinary NPV | CFD
| Long | 51891 | 4.649858 GBP |
Ordinary NPV | CFD
| Short | 2418967 | 4.646058 GBP |
Ordinary NPV | CFD
| Short | 783835 | 4.643457 GBP |
Ordinary NPV | CFD
| Short | 23039 | 102.8959 ZAR |
Ordinary NPV | CFD
| Short | 5704 | 103.122 ZAR |
Ordinary NPV | CFD
| Short | 1905 | 103.0942 ZAR |
Ordinary NPV | CFD
| Short | 9309 | 103.07773552 ZAR |
Ordinary NPV | CFD
| Short | 41635 | 103.07295112 ZAR |
Ordinary NPV | CFD
| Short | 524 | 4.681694 GBP |
Ordinary NPV | CFD
| Short | 1313 | 103.519323 ZAR |
Ordinary NPV | CFD
| Short | 30852 | 102.53 ZAR |
Ordinary NPV | CFD
| Short | 10256 | 102.991176 ZAR |
Ordinary NPV | CFD
| Short | 277280 | 4.681401 GBP |
Ordinary NPV | CFD
| Short | 41633 | 4.698207 GBP |
Ordinary NPV | CFD
| Short | 28337 | 102.7676476 ZAR |
Ordinary NPV | CFD
| Short | 475 | 4.634 GBP |
Ordinary NPV | CFD
| Short | 82107 | 4.66142887 GBP |
Ordinary NPV | CFD
| Short | 21096 | 4.663441 GBP |
Ordinary NPV | CFD
| Short | 12226 | 4.675807 GBP |
Ordinary NPV | CFD
| Short | 11790 | 4.69020024 GBP |
Ordinary NPV | CFD
| Short | 11057 | 4.647805 GBP |
Ordinary NPV | CFD
| Short | 3524 | 4.70088156 GBP |
Ordinary NPV | CFD
| Short | 1681 | 4.66935158 GBP |
Ordinary NPV | CFD
| Short | 10000000 | 4.669 GBP |
Ordinary NPV | CFD
| Short | 9179 | 102.991503 ZAR |
Ordinary NPV | CFD
| Short | 826 | 102.61 ZAR |
Ordinary NPV | CFD
| Short | 31676 | 102.8862 ZAR |
Ordinary NPV | CFD
| Short | 198548 | 6.27551473 USD |
Ordinary NPV | CFD
| Short | 59481 | 4.64124997898489 GBP |
Ordinary NPV | CFD
| Short | 1518 | 4.64025032938076 GBP |
Ordinary NPV | CFD
| Short | 838256 | 4.6532373 GBP |
Ordinary NPV | CFD
| Short | 18712 | 4.6925 GBP |
Ordinary NPV | CFD
| Short | 84189 | 4.64125004454264 GBP |
Ordinary NPV | CFD
| Short | 1276 | 4.64025078369906 GBP |
Ordinary NPV | CFD
| Short | 27641 | 4.64024999095546 GBP |
Ordinary NPV | CFD
| Short | 16308 | 4.64125030659799 GBP |
Ordinary NPV | CFD
| Short | 1752 | 4.702 GBP |
Ordinary NPV | CFD
| Short | 2415 | 102.77378054 ZAR |
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date | Option money paid/ received per unit |
(ii) Exercise
Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
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(d) Other dealings (including subscribing for new securities)
Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) |
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3. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none " |
None
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(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
None |
| Date of disclosure: | 14 January 2026 |
| Contact name: | Richard Howard |
| Telephone number: | +44 (0)207 568 9128 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [email protected]
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
Related Shares:
Glencore