economy
February 5, 2026
Rio Tinto and Glencore abandon revived $260bn merger plan
After weeks of talks mining companies say they cannot reach a deal that delivers value for shareholders
TL;DR
- Rio Tinto and Glencore have abandoned plans for a $260bn merger.
- Rio Tinto stated it could not reach an agreement that would deliver value to its shareholders.
- Glencore believed the key terms of the offer significantly undervalued its relative value contribution and its copper business.
- This is the third time talks to combine the two companies have collapsed.
- Shares in Glencore fell 10.8% and Rio Tinto slid 1.4% on the news.
- Rio Tinto had a 'put up or shut up' deadline of Thursday to make a firm offer.
- Under UK takeover rules, Rio Tinto is prevented from making another bid for six months.
- A merger would have created a global leader in iron ore, copper, cobalt, and lithium.
- The most recent talks resumed after the merger of Anglo American and Teck.
- Glencore's CEO aims for the company to become the biggest copper producer globally.
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