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The Copper Throne: Rio Tinto’s Pursuit of Glencore
Rio Tinto in early talks to buy Glencore
What happened
Rio Tinto is in early talks about an all-share buyout of “some or all” of Glencore, a combo that could create the world’s biggest miner (around $207B in combined value).
Initial tape reaction was mixed: U.S.-listed Glencore shares jumped about 6%, while Rio’s Australia-listed shares closed about 6.3% lower, signalling “acquirer risk” and fears of overpaying.
The strategic backdrop is copper. Reuters notes miners are racing to bulk up in copper, and cites S&P Global’s view that copper demand could rise 50% by 2040 with a large supply gap…
The skinny
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