While Glencore gained, Rio Tinto shares fell by as much as 3%, reflecting investor scepticism towards a deal and concerns it will overpay. In 2014, Rio Tinto rejected a merger offer from Glencore, saying it was not in the interest of its shareholders. Under UK takeover rules, Rio Tinto has until February 5 to make a formal offer for Glencore or say it will not proceed. Investors are not happy with this," said Hugh Dive, chief investment officer of Atlas Funds Management, a Rio Tinto shareholder. Rio Tinto, the world's biggest iron ore miner, has a market capitalisation of about US$142 billion.

Source: The Edge Markets January 09, 2026 10:33 UTC