The Financial Times reports that Rio Tinto wants to be at the forefront of Glencore merger discussions.

The Financial Times reported that Rio Tinto wants to keep its chairperson and CEO, but Glencore wants a large premium. This is because the deadline for any potential merger is approaching.

The FT reported that the 'talks, which started in early January, will continue past the deadline of Thursday, citing sources close to the 'talks.

According to UK takeover regulations, a bidder who has been identified for a potential acquisition has 28 days to announce their 'firm intention' to make an offer. The current deadline is February 5, but the parties can request an extension.

The report also said that the miners are still far apart in valuation and governance issues. This raises doubts about whether these differences can be resolved.

Glencore refused to comment. Could not verify the report immediately.

In January, both companies announced that they were in the early stages of merger talks. This could create the largest mining company in the world with a combined value of more than $207 billion. (Reporting and editing by Tasim Zaid and Vijay Kishore in Bengaluru)

(source: Reuters)