London, February 1, 2026, 07:53 GMT — Market closed.
- Glencore closed Friday at 499.25 pence, down 1.7%.
- Bloomberg reported Rio and Glencore may seek more time for merger talks ahead of Feb. 5.
- Glencore Canada said key issues remain unresolved in talks on the Horne smelter’s future.
Glencore Plc (GLEN.L) closed down 1.7% at 499.25 pence on Friday, with investors heading into the new week watching the takeover timetable and a regulatory standoff in Canada.
On Friday, Bloomberg reported Rio and Glencore were expected to seek an extension from the UK’s mergers regulator to keep talks going, citing people familiar with the matter. The report said valuation issues were still a sticking point.
Glencore Canada said it was still in discussions with authorities in Quebec over a “viable path forward” for its Horne Smelter and the Canadian Copper Refinery, after flagging Jan. 31 as a deadline to confirm long-term operating conditions. “Certain key elements remain unresolved,” it said, adding the required work would involve “several hundred million dollars” of investment. Newswire
Under the UK Takeover Code, the clock pushes the bidder to declare a firm offer or walk away by a set time, unless the Takeover Panel agrees to an extension. Glencore said the cut-off for Rio is 5 p.m. London time on Feb. 5.
Position disclosures linked to the “offer period” have continued to hit the tape. A London Stock Exchange filing showed Geode Capital Management, LLC held 108.9 million Glencore shares, about 0.93%, as of Jan. 29 — the type of Form 8.3 notice required when a holder is at 1% or more during takeover talks. Investegate
Glencore’s latest operating snapshot — its full-year production report — pointed to a softer year for copper but a sharp second-half recovery. Chief Executive Officer Gary Nagle said production stayed within guidance and marketing adjusted EBIT (earnings before interest and tax, with some items stripped out) should come in around the mid-point of its $2.3 billion to $3.5 billion range. The company said 2025 copper production fell 11% to 851,600 tonnes, with 2026 guidance of 810,000-870,000 tonnes, and it flagged prioritising copper over cobalt under export quotas in the Democratic Republic of Congo.
But the week’s headline risk cuts both ways. A deadline extension is not a deal, and any breakdown on valuation — or on the Quebec talks — could quickly reprice the stock.
Traders will also watch for further takeover-related disclosures as big holders adjust around the timetable, and for any signal on what comes after the Jan. 31 marker in Quebec.
Beyond the deal noise, Glencore’s shares tend to track the pull of copper and coal prices, leaving it exposed to sharp swings in metals markets when London trading restarts.
The next tests are any timetable update from the regulator and Glencore’s preliminary annual results due on Feb. 18.
