Rio Tinto confirms no merger with Glencore

By Siobhan Lismore-Scott
Published: Tuesday, 07 October 2014

A merger between Rio Tinto and Glencore would have created a mining behemoth and must have been an attractive offer for Rio. It is surprising that the Anglo-Australian miner decided to reject the Anglo-Swiss trading group’s offer, especially in the face of slumping iron ore prices, but it shows a commitment to Rio’s new strategy, headed up by Sam Walsh.

Rio Tinto today responded to press speculation that indicated it would be merging with Glencore by saying it rejected an offer put to them in early August this year.

“The Rio Tinto board confirms that no discussions are taking place with Glencore,” the Anglo-Australian miner said in a statement....

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