Rio Tinto hires three banks to advise on possible Glencore acquisition

Rio Tinto has engaged JPMorgan, Evercore and Macquarie to advise on a potential acquisition of Glencore, sources told Reuters; Glencore has not formally retained an adviser, the report said.

Rio Tinto has engaged several banks to advise on a potential acquisition of Glencore, according to people with knowledge of the matter. The move has drawn attention because the deal could create the world’s largest miner and involves reserves of metals important for the energy transition and artificial intelligence. Advisory roles on the possible transaction are seen as valuable by banks given the potential fees involved. The companies have discussed combinations before but did not reach agreement in prior talks. Known details: - Rio Tinto has engaged JPMorgan, Evercore and Australian group Macquarie to advise on a potential acquisition of Glencore, a source told Reuters. - The source said the combined company could be worth more than $200 billion if the deal proceeded. - The advisory roles are prized because such a deal could generate more than $100 million in fees for banks. - A second person told Reuters that Glencore had not formally retained an adviser. - The two miners have a history of talks, including a rejected offer in 2014 and merger discussions in late 2024 that did not result in an agreement. Summary: The reported advisory hires highlight continuing consolidation pressure in the mining industry as firms seek metal reserves such as copper for the energy transition and AI. Glencore has not formally engaged advisers and the next steps are Undetermined at this time.