London, 14 Jan 2026, 08:16 GMT — Regular session
Glencore plc (GLEN.L) held steady at 470.2 pence in early London trading Wednesday, reflecting last week’s takeover rumors already baked into the price. 1
Rio Tinto has tapped JPMorgan, Evercore, and Macquarie to advise on a possible Glencore takeover, according to a source close to the matter who spoke to Reuters. The banks are competing for a mandate that could generate fees topping $100 million. Glencore itself hasn’t officially hired an adviser yet, another insider mentioned. 2
The adviser line-up matters as it signals a shift from initial discussions to the nuts and bolts of the deal. Investors are keen to figure out what the merged entity would resemble and which assets might be dropped, in a sector increasingly focused on copper and other metals linked to power grids, clean energy, and data centres.
Rio and Glencore revealed last week that they expect an all-share buyout of “some or all” of Glencore by Rio, meaning payment would be made in shares rather than cash. Under UK takeover rules, Rio has until Feb. 5 to either make a formal offer or announce it won’t move forward. Some Rio investors have already voiced concerns. “Investors are not happy with this,” said Hugh Dive, chief investment officer at Atlas Funds Management. 3
The buzz around a bidding war has quieted, for the moment at least. Reuters says BHP isn’t planning a competing offer right now. Two insiders told Reuters BHP isn’t keen on Glencore’s trading unit or coal assets. BHP declined to comment. 4
Glencore’s shares surged over 10% on Jan. 9 once news of the revived talks broke. Meanwhile, Rio’s stock took a hit, underscoring doubts among its investors about pricing and the risks tied to making the deal happen. 5
Still, “early talks” often remain just that—early. When the asset mix grows larger, so does the potential for disputes over valuation, governance, and which businesses fall within the scope.
Then comes the tougher part beyond the headline: competition scrutiny, political noise swirling around coal, and the key issue of how much of Glencore’s marketing business — its vast global commodities trading arm — a buyer actually wants to take on.
Traders are keeping an eye on any changes from the two boards, new adviser hires, and the steady stream of takeover-related disclosures as the Feb. 5 deadline approaches.
Glencore plans to release its production report for the full year ending Dec. 31, 2025, along with an update on resources and reserves, on Jan. 29. Preliminary annual results are scheduled for Feb. 18 — timing that may coincide with mounting takeover pressure. 6
