Rio Tinto abandons latest effort to merge with Glencore

Rio Tinto said it will no longer pursue an acquisition of Glencore, ending the fourth failed attempt to merge the two mining companies.

Rio Tinto has abandoned its latest attempt to acquire Glencore, the companies announced, marking the fourth time talks to combine the two miners have failed. The discussions resumed earlier this year after a Financial Times report, and unfolded under a Feb. 5 deadline set by British takeover rules. Rio Tinto appointed Simon Trott as CEO in August 2025 and has been conducting a strategic review of several divisions. Both firms maintain significant operations and workforces in Canada. Key facts: - Rio Tinto announced it will not make a formal offer and is no longer pursuing a deal with Glencore. - Glencore said Rio Tinto had sought to retain both the chair and chief executive roles of the combined company and that the request "did not adequately reflect Glencore's underlying relative value contribution." - Negotiations had resumed in early January after media reports and followed previous failed rounds of talks, including two in 2024 and discussions dating back to at least 2014. - Rio Tinto's CEO Simon Trott took the role in August 2025 and initiated a strategic review of multiple divisions during his tenure. - Both companies have extensive Canadian footprints, with roughly 15,000 Rio Tinto employees and about 11,400 Glencore employees in Canada, and substantial regional operations in Quebec, British Columbia, Labrador and the Arctic. Summary: The announcement ends this round of merger talks and closes another long-running effort to combine the two firms, which had been described as a bid to create the world’s largest mining company. Immediate plans or formal next steps by either company were not detailed in the announcements. Undetermined at this time.