Feb. 5 at 8:53 PM
Rio Tinto and Glencore said they have abandoned merger talks that would have created a mining giant with a market value exceeding
$200 billion, citing disagreements over governance and ownership structure. The decision sent both stocks lower, with U.S.-listed ADRs of Rio Tinto and Glencore falling sharply on Thursday.
Glencore said the proposal would have left Rio Tinto in control of the combined company’s chairman and CEO roles while also granting it a larger pro forma ownership stake, terms Glencore argued significantly undervalued its contribution. Rio Tinto, for its part, said it concluded the companies could not reach an agreement that would deliver sufficient value to its shareholders.
The talks, first confirmed in early January, had included the possibility of combining some or all of the companies’ businesses, though both sides had cautioned that a deal was far from certain. Despite the selloff, both mining stocks remain up by double digits so far in 2026.
$RIO $GLNCY