23rd Jan 2026 11:57
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: | 22 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
| 5728349 | 5.04000 GBP | 4.82550 GBP |
Ordinary NPV | Sell
| 6874469 | 5.05000 GBP | 4.82550 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 | 9480 | 4.88 GBP |
Ordinary NPV | CFD
| Long | 252 | 4.891 GBP |
Ordinary NPV | CFD
| Long | 3650 | 4.881 GBP |
Ordinary NPV | CFD
| Long | 3458 | 4.8945 GBP |
Ordinary NPV | CFD
| Long | 262 | 4.8805 GBP |
Ordinary NPV | CFD
| Long | 44 | 4.895 GBP |
Ordinary NPV | CFD
| Long | 2974 | 4.87975 GBP |
Ordinary NPV | CFD
| Long | 85 | 4.893 GBP |
Ordinary NPV | CFD
| Long | 41929 | 4.892176 GBP |
Ordinary NPV | CFD
| Long | 7042 | 110.0048722 ZAR |
Ordinary NPV | CFD
| Long | 1338 | 4.88817638 GBP |
Ordinary NPV | CFD
| Long | 715 | 4.98255944 GBP |
Ordinary NPV | CFD
| Long | 14275 | 4.904992 GBP |
Ordinary NPV | CFD
| Long | 2413 | 4.897443 GBP |
Ordinary NPV | CFD
| Long | 46883 | 4.931286 GBP |
Ordinary NPV | CFD
| Long | 1440 | 4.943003 GBP |
Ordinary NPV | CFD
| Long | 1724 | 4.895352 GBP |
Ordinary NPV | CFD
| Long | 298100 | 4.92322086548138 GBP |
Ordinary NPV | CFD
| Long | 2700 | 107.361277 ZAR |
Ordinary NPV | CFD
| Long | 31551 | 107.4333 ZAR |
Ordinary NPV | CFD
| Long | 24786 | 107.33730372 ZAR |
Ordinary NPV | CFD
| Long | 990 | 107.254 ZAR |
Ordinary NPV | CFD
| Long | 7668 | 106.9527 ZAR |
Ordinary NPV | CFD
| Long | 337249 | 4.9015 GBP |
Ordinary NPV | CFD
| Long | 41600 | 4.9342462738 GBP |
Ordinary NPV | CFD
| Long | 177339 | 4.92331845 GBP |
Ordinary NPV | CFD
| Long | 67181 | 4.9106 GBP |
Ordinary NPV | CFD
| Long | 10834 | 107.3841702 ZAR |
Ordinary NPV | CFD
| Long | 748 | 4.916921 GBP |
Ordinary NPV | CFD
| Long | 137143 | 106.9737 ZAR |
Ordinary NPV | CFD
| Long | 13743 | 107.9331 ZAR |
Ordinary NPV | CFD
| Long | 188527 | 107.47791563 ZAR |
Ordinary NPV | CFD
| Long | 20256 | 4.922157 GBP |
Ordinary NPV | CFD
| Long | 4730 | 4.920173 GBP |
Ordinary NPV | CFD
| Long | 2715 | 4.918993 GBP |
Ordinary NPV | CFD
| Long | 2361 | 4.915504 GBP |
Ordinary NPV | CFD
| Long | 1411 | 4.929815 GBP |
Ordinary NPV | CFD
| Long | 1314 | 4.915648 GBP |
Ordinary NPV | CFD
| Long | 209 | 4.920422 GBP |
Ordinary NPV | CFD
| Long | 147 | 4.922876 GBP |
Ordinary NPV | CFD
| Long | 69 | 4.917008 GBP |
Ordinary NPV | CFD
| Long | 492 | 4.922792 GBP |
Ordinary NPV | CFD
| Long | 235540 | 4.90088728 GBP |
Ordinary NPV | CFD
| Long | 72294 | 4.90088736 GBP |
Ordinary NPV | CFD
| Long | 219794 | 4.94003418 GBP |
Ordinary NPV | CFD
| Long | 307991 | 4.89471015 GBP |
Ordinary NPV | CFD
| Long | 734317 | 4.96477851 GBP |
Ordinary NPV | CFD
| Long | 191735 | 4.90088733 GBP |
Ordinary NPV | CFD
| Long | 349222 | 4.94003421 GBP |
Ordinary NPV | CFD
| Long | 489356 | 4.89471014 GBP |
Ordinary NPV | CFD
| Long | 25641 | 4.89470216457665 GBP |
Ordinary NPV | CFD
| Long | 74235 | 4.91273433 GBP |
Ordinary NPV | CFD
| Long | 2264 | 4.8785 GBP |
Ordinary NPV | CFD
| Short | 188527 | 107.47791563 ZAR |
Ordinary NPV | CFD
| Short | 953 | 4.89169983 GBP |
Ordinary NPV | CFD
| Short | 66480 | 4.924332 GBP |
Ordinary NPV | CFD
| Short | 2862 | 4.964036 GBP |
Ordinary NPV | CFD
| Short | 13743 | 107.9331 ZAR |
Ordinary NPV | CFD
| Short | 976817 | 4.9015 GBP |
Ordinary NPV | CFD
| Short | 231544 | 6.63470179 USD |
Ordinary NPV | CFD
| Short | 17220 | 4.9745056482 GBP |
Ordinary NPV | CFD
| Short | 4076 | 4.898805 GBP |
Ordinary NPV | CFD
| Short | 153582 | 4.89606441 GBP |
Ordinary NPV | CFD
| Short | 50000 | 4.861574 GBP |
Ordinary NPV | CFD
| Short | 50000 | 4.854221 GBP |
Ordinary NPV | CFD
| Short | 300000 | 4.90446757 GBP |
Ordinary NPV | CFD
| Short | 100000 | 4.915334 GBP |
Ordinary NPV | CFD
| Short | 935 | 4.9068990003 GBP |
Ordinary NPV | CFD
| Short | 31551 | 107.4333 ZAR |
Ordinary NPV | CFD
| Short | 2700 | 107.3613 ZAR |
Ordinary NPV | CFD
| Short | 10834 | 107.3841702 ZAR |
Ordinary NPV | CFD
| Short | 990 | 107.254 ZAR |
Ordinary NPV | CFD
| Short | 7042 | 110.0048722 ZAR |
Ordinary NPV | CFD
| Short | 7668 | 106.9527 ZAR |
Ordinary NPV | CFD
| Short | 24786 | 107.33730372 ZAR |
Ordinary NPV | CFD
| Short | 351 | 4.89793 GBP |
Ordinary NPV | CFD
| Short | 56234 | 106.973582 ZAR |
Ordinary NPV | CFD
| Short | 80909 | 106.973714 ZAR |
Ordinary NPV | CFD
| Short | 1152 | 4.90119988 GBP |
Ordinary NPV | CFD
| Short | 1090 | 4.94457798 GBP |
(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 |
Ordinary NPV | Call | Purchasing | 1500000 | 5.6 GBP | American | 18 September 2026 | 0.2225 GBP |
Ordinary NPV | Call | Selling | 1500000 | 5.6 GBP | American | 18 September 2026 | 0.2225 GBP |
(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: | 23 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