Article

Rio Tinto has ceased merger discussions with Glencore, which would have formed a $260 billion mining giant. The companies failed to agree on terms, with Glencore asserting that Rio's proposal undervalued its assets.

Shares of both firms fell following the announcement. The talks, which resumed recently after previous negotiations stalled, highlighted the competitive landscape for copper amid rising demand. Under takeover regulations, Rio Tinto cannot initiate further merger discussions for six months.