Rio Tinto Group and Glencore Plc have been discussing combining their businesses, which if successful would rank as the world’s largest-ever mining joint venture (JV), Bloomberg reported, citing sources familiar with the matter.
It’s unclear whether the talks are still live, the sources added.
Rio Tinto is the world’s second-biggest miner, with a market value of about $103 billion, while Glencore was valued at about $55 billion.
The deal, if successful, would create a behemoth to rival longstanding leader BHP Group that is valued at around $126 billion.
Following the report, Glencore’s depositary receipts (DRs) in the US surged by 6.65% to $9.62, while Rio Tinto’s DRs fell by 2.15% to $59.7 at 10:20 pm Makkah time.
Rio Tinto Group and Glencore Plc have been discussing combining their businesses, which if successful would rank as the world’s largest-ever mining joint venture (JV), Bloomberg reported, citing sources familiar with the matter.
It’s unclear whether the talks are still live, the sources added.
Rio Tinto is the world’s second-biggest miner, with a market value of about $103 billion, while Glencore was valued at about $55 billion.
The deal, if successful, would create a behemoth to rival longstanding leader BHP Group that is valued at around $126 billion.
Following the report, Glencore’s depositary receipts (DRs) in the US surged by 6.65% to $9.62, while Rio Tinto’s DRs fell by 2.15% to $59.7 at 10:20 pm Makkah time.
