Australian miner Rio Tinto and Switzerland-headquartered miner Glencore have confirmed that they are engaged in preliminary discussions with regard to a potential combination of some or all of their businesses.
According to the companies’ statements, the discussions could include an all-share merger, with the current expectation that any transaction would be implemented through the acquisition of Glencore by Rio Tinto via a court-sanctioned scheme of arrangement. The company stressed that discussions remain at an early stage.
No certainty on offer or terms
The statements noted that there is no certainty that an offer will be made, nor any assurance regarding the terms of a potential transaction, should one proceed. Rio Tinto has until 5:00 p.m. (London time) on February 5, 2026 to either announce a firm intention to make an offer for Glencore or confirm that it does not intend to make an offer. The deadline may be extended with the consent of the UK Takeover Panel.