UPDATE 4-Glencore says it is in early talks to be acquired by Rio Tinto

The deadline is 3:30 p.m. London time ⁠on that 10th business day. U.S.-listed shares of Glencore were up 6% after the company confirmed ⁠deal talks, while Rio Tinto's U.S. listed shares were down 0.6%.

Glencore said on Thursday it was in early talks to be ‌acquried by Rio Tinto , in a combination that would potentially create the world's largest mining company.

The combined ⁠company would have an enterprise value of more than $260 billion, according to the Financial Times, which first reported the news. "Glencore confirms that it is ​in preliminary discussions with Rio Tinto about a possible combination of ‍some or all of their businesses, which could include an all-share merger between Rio Tinto and Glencore," it said in a statement.

The Swiss miner and trader added ⁠that ‌any deal would ⁠be implemented through Rio Tinto's acquisition of Glencore through a court-sanctioned scheme of arrangement ‍and that there was no certainty that the terms of any deal or ​offer would be agreed upon. The deadline is 3:30 p.m. London time ⁠on that 10th business day.

U.S.-listed shares of Glencore were up 6% after the company confirmed ⁠deal talks, while Rio Tinto's U.S. listed shares were down 0.6%. Rio Tinto, the world's biggest iron ore miner, has a market capitalization ⁠of about $142 billion, while Glencore is valued at $65 billion as of last ⁠close.

Glencore had ‌approached Rio Tinto in 2024 about combining the two big copper producers but the discussions were short-lived.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)