What could have been the world’s largest mining merger is officially off. Rio Tinto and Glencore have walked away from talks after failing to agree on price and leadership arrangements.
Rio Tinto confirmed that it “is no longer considering a possible merger or other business combination with Glencore” as the company “could not reach an agreement that would deliver value to its shareholders.”
The company said it assessed the opportunity through the disciplined lens set out at its Capital Markets Day in December 2025, prioritising long-term value and delivering leading shareholder returns.
Its decision followed extensive due diligence of Glencore’s assets. Rio Tinto chief executive officer Simon Trott was determined to maintain discipline and not do a deal at any cost.
Glencore declined the offer partly as Rio wanted to retain the chair and chief executive officer roles.
“We concluded that the proposed acquisition on these terms is not in the best interests of Glencore shareholders,” Glencore said. “It does not reflect our view on long term, through the cycle relative value, including not adequately valuing our copper business, and its leading growth pipeline, and apportioning material synergy value potential.
“Glencore’s standalone investment case is strong. We have a well-diversified business across a range of commodities, supported by one of the best marketing franchises in the industry,” Glencore said in the statement.
Reports have said sources close to the talks believe the question of who would lead a combined company was a source of contention, with Rio pushing to retain management control.