Rio Tinto and Glencore have confirmed that they are engaged in preliminary discussions about a possible combination of some or all of their businesses, which could include an all-share merger.
The parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement.
There is no certainty that the terms of any transaction or offer will be agreed, nor as to the terms or structure of any such transaction or offer, if agreed. Nothing in the announcements should be construed as indicating any terms of any such transaction or offer for the purposes of Rule 2.5 of the Code.
Further announcements are expected to be made as appropriate.
In accordance with Rule 2.6(a) of the Code, Rio Tinto is required, by not later than 17:00 on 5 February 2026, to either announce a firm intention to make an offer for Glencore in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Glencore, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
The deadline will be extended only with the consent of the Panel in accordance with Rule 2.6(c) of the Code.