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Finance

Posted By Global Banking and Finance Review

Posted on January 16, 2025

Rio Tinto, Glencore in early-stage merger talks, Bloomberg News reports

(Reuters) -Rio Tinto, and Glencore are in early-stage talks about combining their businesses, Bloomberg News reported on Thursday, citing people familiar with the matter.

The potential merger between the two iron ore mining heavyweights, if successful, would be the industry's largest ever and create a combined company with a market value of around $158 billion, surpassing top miner BHP's $126 billion.

Both Rio Tinto and Glencore declined to comment.

This would not be the first time the two companies have been in deal talks.

In 2014, Rio Tinto rejected a merger offer from Glencore. A deal at the time would have allowed the combined company to surpass BHP as the world's biggest miner.

(Reporting by Roushni Nair, Urvi Dugar and Shivangi Lahiri in Bengaluru; Editing by Alan Barona)

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