London, Jan 28, 2026, 08:06 GMT — Regular session
- Shares of Rio Tinto plc edged up roughly 0.5% in early trading in London
- UK takeover-code filings surface as investors monitor Glencore deal schedule
- Iron ore supply remains in the spotlight following Vale’s 2025 production update
Shares of Rio Tinto plc edged higher in early London trading Wednesday as investors digested new takeover-code disclosures related to potential merger talks with Glencore. The stock last traded up roughly 0.5% at 6,762 pence. (Investing)
The key issue now is timing. Rio Tinto revealed earlier this month it has until 5 p.m. London time on Feb. 5 to declare a firm intention to bid for Glencore or to confirm it won’t, per the UK Takeover Code. (Riotinto)
The “offer period” has also triggered a surge in filings. According to the Takeover Code, anyone holding 1% or more of relevant securities — plus those trading during the offer period — must disclose their stakes and transactions in the target companies. Traders often comb through this data for hints about market mood and positioning. (Glencore)
On Tuesday, a filing revealed Schroders held stakes amounting to roughly 1.58% of Rio Tinto plc’s ordinary shares, plus a small short position, and about 0.93% of Rio Tinto Limited. The disclosure also detailed holdings and derivatives covering the relevant securities. (TradingView)
A separate filing on Wednesday revealed Commonwealth Bank of Australia owns around 0.02% of Rio Tinto plc ordinary shares and its U.S.-listed ADRs. It also holds about 2.5% of Rio Tinto Limited, along with a stake in Glencore shares. (TradingView)
The sector remains turbulent. On Tuesday, Vale reported iron ore production hitting 336.1 million metric tons in 2025 — its highest since 2018 and edging past Rio Tinto’s Pilbara-only output. However, Rio’s total iron ore production, including Canada, still slightly exceeded Vale’s, according to Reuters. Vale also stuck to its 2026 forecast, projecting iron ore output between 335 million and 345 million tons. (Reuters)
Rio’s latest production update continues to shape positioning ahead of February. “A solid quarter, they have pretty much beat across the board in the main businesses of iron ore, copper, aluminium,” said Glyn Lawcock, analyst at Barrenjoey, following Rio’s quarterly report last week. The critical factor now is execution on the cost-cutting program, with investors expecting more clarity in February. (Reuters)
Rio Tinto’s 2025 annual results are set for Thursday, Feb. 19. The company’s CEO Simon Trott and CFO Peter Cunningham will lead the presentation. (Riotinto)
The downside is clear. If no deal materializes and the Feb. 5 deadline slips by without an extension, chatter around a merger could fade fast. Meanwhile, iron ore prices still react sharply to supply shifts and China’s demand, which in turn can sway earnings forecasts for the major miners.
In the near term, the market’s focus is on two dates: Feb. 5, when the takeover code decision on any Glencore offer is expected, and Feb. 19, when Rio releases its full-year results. Key dividend dates are also marked on the 2026 calendar. (Londonstockexchange)
