LONDON, Jan 27, 2026, 08:19 GMT — Regular session.
- Glencore shares slipped roughly 1% in early London trading, retreating from recent gains near 52-week highs
- Takeover Panel confirms Feb. 5 deadline remains for any Rio Tinto bid; new dealing disclosures submitted
- HSBC scales back its view on Glencore ahead of the miner’s production update due later this week
Glencore plc shares slipped 4.95 pence, or 1.0%, to 495.15 pence by 0820 GMT, moving in a range from 494.65 to 499.55. Copper futures dropped close to 2% during that period, weighing on miners’ stocks. (Investing)
The pullback coincides with renewed focus on the UK takeover timetable. The Takeover Panel’s disclosure table names Rio Tinto as the potential offeror, setting a 5 p.m. London deadline on Feb. 5 for Rio to either make a firm offer or withdraw—unless more time is granted. (TradingView)
Glencore revealed earlier this month that it’s in initial talks with Rio Tinto about a potential merger but cautioned there’s no guarantee a deal will happen. The company also outlined the position and dealing disclosure rules that come into effect during an offer period. (Glencore)
More disclosures rolled in Tuesday. Superannuation and Investments HoldCo Pty Ltd filed a Form 8.3 revealing it owned Glencore shares and had made a minor sale, the document showed. (TradingView)
Broker moves stirred the chatter. HSBC downgraded Glencore to “hold” and pegged a 515 pence price target, according to a broker ratings roundup hosted on the LSE. (London South East)
The broader market stayed firm—up until Tuesday’s drop. London stocks closed flat on Monday, yet industrial metal miners climbed 1.4%, while precious metal miners reached record peaks, Reuters reported. (Reuters)
The takeover story has two sides. When Rio and Glencore announced renewed talks earlier this month, investors immediately focused on how Glencore’s coal holdings would factor in. Some traders have raised concerns about potential divestments and regulatory barriers should a mega-deal move forward. (Reuters)
Who else could jump into the fray? Richard Hatch, an analyst at Berenberg, pointed to BHP as the “most likely interloper to this deal,” telling Reuters earlier this month. (Reuters)
At this stage, the market is mainly reacting to headlines and filings. As the Feb. 5 deadline approaches, expect the stock to move sharply on any sign of an extension request, a walk-away comment, or a change in tone from either party.
Glencore’s next key dates are its full-year production report on Jan. 29 and preliminary results set for Feb. 18, both at 0700 UK time, according to the company’s investor calendar. (Glencore)
