Article

Rio Tinto has terminated merger discussions with Glencore after failing to agree on a control premium for the Swiss company. The proposed merger, which aimed to create the world's largest mining company, was first announced in January 2026.

Concerns about insufficient valuation of Glencore's assets, particularly its copper business, were central to the breakdown. Glencore's shares fell significantly following the announcement, while Rio's market capitalisation stands at approximately $157 billion and Glencore's at $76 billion.