{"id":23227,"date":"2026-03-02T18:56:35","date_gmt":"2026-03-02T18:56:35","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/23227\/"},"modified":"2026-03-02T18:56:35","modified_gmt":"2026-03-02T18:56:35","slug":"glencore-shares-soar-in-rio-tinto-merger-talks","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/23227\/","title":{"rendered":"Glencore shares soar in Rio Tinto merger talks"},"content":{"rendered":"

By HUGO DUNCAN <\/p>\n

Updated: 05:38 EST, 10 January 2026 <\/p>\n

Glencore shares<\/a> soared after it confirmed it was in takeover talks with Rio Tinto about a \u00a3200billion mega-deal to create the world’s largest mining company.<\/p>\n

The London-listed commodities giant rose 9.6 per cent \u2013 to value it at \u00a353billion \u2013 as rival FTSE 100<\/a> firm Rio was given a deadline of February 5 to table a bid or walk away.<\/p>\n

But Rio shares slipped 3 per cent, leaving it valued at \u00a3104billion, amid fears it would overpay as global miners seek to beef up their copper operations.<\/p>\n

Analysts even speculated that it could face competition from BHP \u2013 the world’s largest miner \u2013 which could gatecrash the talks with its own bid for Glencore.<\/p>\n

‘The share market tells you what you want to know. Investors are not happy with this,’ said Hugh Dive, chief investment officer of Rio shareholder Atlas Funds Management.<\/p>\n

Tim Hillier, an analyst at fund manager Allan Gray, another Rio investor, said: ‘It comes down to price, but if they have to pay a big premium there is a risk that a transaction could destroy some value for shareholders.’<\/p>\n

\"\" \"Mega-merger:\u00a0Glencore <\/p>\n

Mega-merger:\u00a0Glencore shares soared after it confirmed it was in takeover talks with Rio Tinto<\/p>\n

The two firms have discussed combining their operations before, with Rio rejecting overtures from Glencore in 2014 before a fresh round of talks ended without a deal in late 2024.<\/p>\n

A tie-up would represent the largest-ever deal in an industry gripped by takeover fever following the recent merger of Anglo American and Teck Resources.\u00a0<\/p>\n

It would create a mining behemoth and copper powerhouse with operations all over the world and a value of close to \u00a3200billion including cash and debt.<\/p>\n

The price of copper \u2013 a crucial metal in the green energy revolution, used in everything from electrical wiring and plumbing to solar panels, wind turbines and battery storage \u2013 has soared to record highs of more than $13,300 a ton this week due to fears over a shortage of supplies.\u00a0<\/p>\n

But while both firms are big players in copper, analysts warned of a number of hurdles to a deal.<\/p>\n

Maurizio Carulli, global energy and materials analyst at Quilter Cheviot, said: ‘The integration would be far from straightforward given the stark differences in corporate culture and the diversity of their asset bases. Glencore’s coal operations could be a sticking point, as Rio Tinto exited coal entirely several years ago.<\/p>\n

‘On the other hand, Glencore’s marketing and trading arm is widely regarded as best in class and would bring significant commercial and logistical strength to a combined group.’<\/p>\n

Warning scrutiny from regulators ‘is almost certain’, he added: ‘An interloper cannot be dismissed \u2013 BHP, for example, might see an opportunity to make a move on Glencore after two failed attempts to acquire Anglo-American in recent years.’<\/p>\n

Dan Coatsworth, head of markets at AJ Bell, said: ‘Takeover talks between Rio Tinto and Glencore make sense from an economy of scale perspective, but the companies are worlds apart culturally.<\/p>\n

‘Rio Tinto is seen as the wise old man of the sector, doing everything methodically. Glencore couldn’t be any different, with guns-a-blazing reputation.’<\/p>\n

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