Mining giant Rio Tinto $RIO (-0,65 %)
$RIO (+0,79 %) announced on Thursday that it has decided against a possible merger or business combination with Glencore plc $GLEN (-0,52 %) as no agreement could be reached that would have added value for shareholders.
The decision comes almost a month after Rio Tinto first announced on January 8 that such a deal was under consideration. In a statement to the London and Australian stock exchanges, the company said it had assessed the opportunity against its "disciplined view" set out at its Capital Markets Day in December 2025, which prioritizes long-term value and shareholder returns.
The announcement was made in accordance with Rule 2.8 of the City Code on Takeovers and Mergers, which imposes restrictions on Rio Tinto making a further offer for Glencore. However, these restrictions could be lifted in certain circumstances, for example, with the consent of the Glencore Board or if a third party expresses a firm intention to make an offer for Glencore.
Rio Tinto, one of the world's largest mining companies, is listed on both the London Stock Exchange and the Australian Securities Exchange. The company's announcement effectively ends speculation of a potentially significant consolidation in the global mining industry.
