And then suddenly, with a deadline for Rio to make a firm bid looming, it all fell apart in less than 24 hours. Spokespeople for Rio and Glencore declined to comment. Rio Tinto — which views itself as one of the industry’s sharpest operators — saw an opportunity to unlock the growth in Glencore’s copper portfolio. There was a growing realisation within Rio that Glencore — and Glasenberg — weren’t going to cede much ground on the demand that Glencore shareholders own about 40% of the combined company. On the Glencore side, there was frustration that Rio had tied its bid to the share prices on the day the deal became public.

Source: The Edge Markets February 06, 2026 02:35 UTC