Rio Tinto backs out of $260bn Glencore merger

Rio Tinto is no longer considering a $260bn merger with Glencore.

Talks of this potential all-share merger between Rio Tinto and Glencore were taking place early January.

The decision comes after Rio Tinto determined it could not reach an agreement that would deliver value to its shareholders.

Rio Tinto assessed the opportunity and came to this view through the disciplined lens set out at its Capital Markets Day in December 2025 – prioritising long-term value and delivering leading shareholder returns.

In a statement issued by Glencore, the key terms of the potential offer were Rio Tinto retaining both the Chairman and Chief Executive Officer roles and delivering a proforma ownership of the combined company.

In Glencore’s view, this significantly undervalued the company’s contribution to the combined group, even before consideration of a suitable acquisition control premium.