Glencore confirmed on 8 January 2026 that it was in preliminary talks with Rio Tinto about a possible combination of some or all of their businesses, reviving a tie-up the two had explored before.
Why Rio Tinto is buying Glencore plc
Both companies described the discussions as early-stage. Glencore said the expected route was an acquisition of Glencore by Rio Tinto through a court-sanctioned scheme of arrangement, and an all-share merger was cited as a possible structure.
Deal terms and financing
Glencore later disclosed that the key terms of the potential offer were Rio Tinto retaining both the chair and chief executive roles and a pro forma ownership split of the combined company that, in Glencore's view, significantly undervalued its relative contribution before any control premium.
Regulatory approvals and timing
Under the UK Takeover Code, Rio Tinto had until 5pm London time on 5 February 2026 to announce a firm intention to make an offer or walk away. On 5 February it issued a Rule 2.8 statement saying it did not intend to make an offer, which restricts it from bidding for Glencore for six months except in limited circumstances.
Market context
Glencore's board said the terms did not reflect long-term relative value, including an inadequate valuation of its copper business and growth pipeline and an insufficient share of synergies. Glencore shares fell 8.8% to 466.35p in London on 5 February, valuing the company at about £55bn, while Rio Tinto fell 3.1%.
