Rio Tinto Floats Glencore Merger

• The Rio Tinto marine team ia a leading charterer, chartering and operating a fleet of more than 230 ships to transport over 300 million tonnes of product every year.

Glencore shares rose by 10% on Friday following news it is in talks with Rio Tinto about a takeover that would create the world's largest mining group, valued at almost $207 billion.

While Glencore gained, Rio Tinto shares fell by as much as 3%, reflecting investor scepticism towards a deal and concerns it will overpay.

The two miners have discussed combining their operations before. In 2014, Rio Tinto rejected a merger offer from Glencore, saying it was not in the interest of its shareholders.

Merger talks in late 2024 also ended without a deal.

Since then, Rio Tinto has appointed a new CEO and the competition for reserves of metals including copper, needed for the energy transition and artificial intelligence, has intensified.

Copper prices have hit record levels this week as traders anticipate supply shortages.

The companies said late on Thursday, after the Financial Times newspaper reported the talks, that the expectation was for an all-share buyout of "some or all" of Glencore by Rio Tinto.

Under UK takeover