Rio Tinto may acquire Glencore

Mining group Rio Tinto is in talks to acquire Glencore Plc in a move that could create the world’s largest resources company with a combined market capitalization of more than $200 billion, Bloomberg reports. The discussions have resumed more than a year after a previous attempt to merge collapsed due to disagreements over asset valuation.

The companies are considering several deal structures, ranging from a partial combination of businesses to a full takeover through an all-share transaction. Following the reports, Glencore shares surged, while Rio Tinto’s stock declined, which analysts attributed to a lack of clarity regarding the potential structure of the deal.

Copper assets are seen as the key driver behind the renewed interest. A merger would create a new mining heavyweight capable of directly competing with BHP Group. Demand for copper has surged amid the global energy transition, the expansion of electric vehicles and infrastructure development, supporting prices near record highs.

Under UK takeover rules, Rio Tinto has until February 5 to formally confirm whether it will make an offer or walk away from the deal for at least six months. If completed, the transaction would be the largest in the industry’s history and could have far-reaching implications not only for metals and energy markets, but also for the global structure of commodity trade.

It is also worth noting that Glencore’s agricultural business previously operated under the Viterra brand and was one of the world’s largest traders of grains, oilseeds, vegetable oils and meals, with extensive storage, processing and port logistics assets across dozens of countries. In 2025, Viterra was merged with US-based Bunge, creating one of the global leaders in agricultural trading. Following the merger, Glencore no longer has direct control over the agri assets but retains a minority stake in Bunge, giving it an indirect presence in the global agribusiness sector.

Tags: Glencore