LONDON, Jan 24, 2026, 07:53 GMT — Market closed
- Glencore rose 2.2% on Friday, closing at 501 pence, just shy of a 52-week peak.
- New filings under the UK Takeover Code revealed multiple major shareholders crossing the 1% mark.
- Attention shifts to Rio’s Feb. 5 “possible offer” deadline, with Glencore updates expected on Jan. 29 and Feb. 18.
Glencore shares closed Friday up 2.2% at 501 pence, staying close to a 52-week peak, driven by new takeover-related disclosures that kept the miner-trader in focus heading into the weekend.
The London market is closed Saturday, with the next session opening amid a crucial question: can merger rumors sustain the premium on the stock as an important UK deadline nears?
Investors have a slew of company-specific events ahead. Glencore is set to release its full-year production report on Jan. 29, followed by its 2025 results on Feb. 18.
Friday’s filing revealed that L&G Asset Management owns 118.8 million Glencore shares, representing 1.01% of the company. The firm reported buying and selling shares at roughly £4.90 each.
State Street Global Advisors & Affiliates disclosed an interest of roughly 204.3 million shares, representing 1.73925%. The firm noted that the change since its last report stemmed from a shift into a discretionary holding, not from any trading activity.
The Allan & Gill Gray Foundation reported holding 211.1 million shares, representing 1.798% of the total. Their latest activity included a modest sale of 22,619 shares at 106.773 rand each on Jan. 22.
Under the UK Takeover Code, “Form 8.3” notices must be filed during an offer period by investors holding 1% or more, revealing their stakes and any trading activity. Earlier this month, Rio Tinto and Glencore confirmed they had entered preliminary talks about a potential deal. Reuters
Deal rumors aside, the commodity market remains in focus. Copper’s seen sharp swings this month, driven by supply worries. Reuters reported that production at Capstone Copper’s Mantoverde mine in Chile has mostly stopped after a labor strike forced the shutdown of its desalination plant.
The risk if Rio pushes ahead is that regulators step in with demands. China’s sign-off seems crucial, given its status as a top commodity buyer. Analyst Glyn Lawcock at Barrenjoey told Reuters, “China will see this as an opportunity to squeeze out assets.” Reuters
The downside is straightforward: no bid, no premium. If Rio misses the deadline or talks break down, Glencore might lose some of the gains made since January, particularly if metals prices dip or coal markets weaken.
Traders are set to monitor Monday closely for additional Takeover Code filings and any new updates on the talks. They’ll also be eyeing Glencore’s production report for January, due Jan. 29, ahead of Rio’s next move by the Feb. 5 deadline.
