Glencore and Rio Tinto Confirm Preliminary Merger Talks

Glencore and Rio Tinto have each confirmed they are holding preliminary talks about a potential merger involving some or all of their businesses. The discussions follow a previous approach by Glencore in 2024 that did not result in a transaction.

Both companies stated that any combination would likely be structured as an acquisition of Glencore by Rio Tinto, using a court-sanctioned scheme of arrangement. This process is commonly used in the UK for mergers of this scale and would require court approval.

According to statements from Glencore and Rio Tinto, the talks are at an early stage and no firm agreement has been reached. The companies have indicated that an all-share merger is one of the options under consideration.

Under UK takeover regulations, Rio Tinto must decide by 5 p.m. London time on February 5, 2026, whether to formally announce an offer for Glencore or to declare that it does not intend to proceed. This deadline is set by the relevant takeover rules and is standard for such transactions.

What the numbers show

• Glencore confirmed discussions on January 8, 2026
• Rio Tinto confirmed talks on January 9, 2026
• UK takeover rules set a February 5, 2026 deadline for a decision

This is the second time in just over a year that Glencore and Rio Tinto have explored a potential merger. In late 2024, Glencore approached Rio Tinto, but those discussions did not result in a deal.

The companies have not disclosed which specific business units or assets would be included in any potential combination. Both have stated that the scope of the merger could involve some or all of their operations, depending on the outcome of the talks.

Any merger would require regulatory review and court approval, as indicated by the companies’ reference to a court-sanctioned scheme of arrangement. This structure is used for complex transactions and involves a formal process overseen by the courts.

Glencore and Rio Tinto have said that further announcements will be made as appropriate, in line with disclosure requirements. Until a firm offer is made or the talks are terminated, both companies remain subject to the UK takeover code.

* This article is based on publicly available information at the time of writing.