LONDON, Jan 13, 2026, 07:54 GMT — Premarket
- BHP has ruled out a bid for Glencore, even as Rio Tinto considers a potential takeover.
- Glencore shares ended Monday at 468.50 pence, gaining 3.5%.
- With crucial UK rule deadlines looming, investors are preparing for a fresh wave of takeover filings.
Glencore Plc shares opened Tuesday in London following reports from Reuters that BHP plans to hold off on any move while Rio Tinto pursues its takeover talks. According to sources, BHP has no intention of bidding for the Swiss commodities giant. 1
This development is significant as investors had been considering the possibility of a competing bid since Rio confirmed it was in early talks. With BHP now off the table—at least for the time being—the range of scenarios tightens, shifting attention squarely onto Rio’s next step.
This highlights the big miners’ sharp focus on copper, essential for power grids and data centres, and their careful pickiness over what else is bundled in. Glencore’s coal holdings and trading division are at the heart of the discussion — prized by some buyers, a red flag for others.
Glencore shares closed Monday at 468.50 pence, gaining 15.85 pence, according to the company’s investor site. Market data revealed the stock hit a 52-week high during trading. 2
Sources close to BHP told Reuters the company doesn’t view Glencore as a good fit. They highlighted little enthusiasm for Glencore’s trading arm and coal operations, and instead flagged Anglo American’s copper unit as a more appealing asset.
BHP chased Anglo for roughly a year and a half before talks collapsed in November, pushing it to explore other routes to boost its copper holdings. Sources say Anglo is now focused on a potential deal with Canada’s Teck Resources.
Deal ties cut across the sector. Glencore and Anglo each control 44% of Chile’s Collahuasi copper mine. Meanwhile, Glencore teams up with BHP in Peru’s Antamina joint venture.
Takeover filings are coming in. BlackRock revealed it held 6.88% of Glencore’s shares as of Jan. 9 and noted recent transactions in a Form 8.3 filing under the UK Takeover Code. 3
Form 8.3 requires investors holding 1% or more to publicly disclose their positions and trades during an offer period. Another disclosure notice set the deadline for opening position filings at Jan. 22, 3:30 p.m. London time, unless a holder transacts before then. 4
Analysts are zeroing in on copper as the key growth driver. “Rio needs more copper,” said Richard Hatch, an analyst at Berenberg, in a Reuters interview, pointing out that investors expect iron ore prices to fall. 5
But the simplest result remains no deal. Rio hasn’t put forward a solid offer, and any bid would need to overcome valuation debates, governance issues, plus the fate of Glencore’s coal and trading units — precisely what BHP seems intent on sidestepping.
Rio has until 5:00 p.m. London time on Feb. 5 to declare a firm intention to make an offer or to confirm it won’t move forward, according to UK takeover rules, the company said. Traders will be alert for any updates from either party and additional position disclosures before that deadline. 6
