London, Feb 4, 2026, 08:08 GMT — Regular session
Rio Tinto shares edged up 0.6% to 7,081 pence early Wednesday in London, after briefly hitting 7,082 pence. The stock kicked off the day at 7,041 pence, continuing a strong streak from recent sessions.
Deal news might be next. Glencore appears close to hiring Citi to advise on a potential acquisition by Rio Tinto, which could create a mining giant worth over $200 billion, according to two sources familiar with the matter who spoke to Reuters. Under UK takeover rules, Rio must either announce a firm intention to bid or walk away by Feb. 5, though they can request an extension; both Glencore and Citi declined to comment.
The deadline looms large, pushing a quick decision in a stock now seen as a barometer for metals and M&A risk alike. Even asking for more time can rattle positions, particularly as miners react to rapid commodity shifts.
Rio surged Tuesday, buoyed by a bounce in gold and copper that lifted London’s top miners, even as the FTSE 100 pulled back from a record high amid a tech sector selloff. “Risk appetite just isn’t fully restored after the metals volatility we’ve seen since last week,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Investors are now gearing up for the Bank of England’s policy announcement on Thursday. Reuters
Glencore, the focus of ongoing talks, threw in a new development Tuesday, revealing discussions to offload a 40% stake in its copper and cobalt operations in the Democratic Republic of Congo. The U.S.-backed consortium eyeing the assets values them at roughly $9 billion, debt included. Meanwhile, Rio is mulling over a deal that could shake up the industry hierarchy.
Rio filed a Rule 2.9 announcement Tuesday, following the issuance of a small batch of shares under employee schemes. The update detailed its share capital and voting rights for Takeover Code purposes. As of Jan. 30, Rio Tinto plc’s voting rights stood at 1,254,475,491.
Investors are keeping a close eye on the metal tape. Major miners tend to move sharply when copper, iron ore, or gold shift, and recent price moves have tightened the range, leaving little room for unexpected swings.
Rio’s next big date is its 2025 annual results on Feb. 19. The company will host a presentation led by CEO Simon Trott and CFO Peter Cunningham.
The upside isn’t guaranteed. Should Rio pull back from a deal or metals prices tumble after the recent volatility, the stock could drop sharply. Plus, any agreement still faces tough execution and regulatory challenges.
Thursday is the key date for the market. A Takeover Panel disclosure table published Tuesday sets Rio’s Rule 2.6 deadline for 17:00 London time on Feb. 5. Traders will be on alert for any extension requests or signs that an offer could be coming.
