Glencore has said that it is already in talks with Rio Tinto to acquire the company

Glencore announced on Thursday that it is in the early stages of talks to be acquired by Rio Tinto, in a combination that could create 'the world's largest mining firm.

Financial Times was the first to report the news.

In a press release, Glencore confirmed that it was?in early discussions with Rio Tinto regarding a possible merger of some or all their businesses. This could include an all-share merger.

The Swiss miner and trader said that any deal would be implemented through Rio Tinto's purchase of Glencore via a court-approved scheme of arrangement. However, there is no guarantee that the terms will be agreed.

The deadline is 3:30 pm London time, on the 10th working day.

U.S.-listed Glencore shares rose 6% following confirmation of deal talks. Rio Tinto shares fell 0.6%.

As of the last market close, Glencore, the largest iron ore mining company in the world, was valued at $65 Billion.

Glencore had approached Rio Tinto in 2024

The discussions about merging the two biggest copper producers were short-lived. Shivani Tanna reported from Bengaluru, Shilpi Magumdar edited by Anil D'Silva

(source: Reuters)