London, Jan 20, 2026, 08:32 GMT — Regular session
Glencore shares fell 0.4% to 478.95 pence by 0810 GMT, pulling back after last week’s rally took the stock to a 12-month peak. 1
The miner-trader has reacted sharply to takeover rumors after Rio Tinto confirmed talks about an all-share deal that would form the globe’s largest mining company. Per UK takeover rules, Rio must either submit a formal offer for Glencore or walk away by Feb. 5. 2
Late Monday, BlackRock filed a disclosure under Rule 8.3 of the Takeover Code, revealing it holds a 7.17% stake in Glencore, along with a 0.07% short position. The filing highlighted transactions at 4.786 pounds per share on Jan. 16, covering share sales and various derivative trades. 3
Copper continues to dominate investor focus. RBC mining analyst Ben Davis pointed out that “securing copper – not creating near-term value – is the key rationale for the transaction.” He also noted that an all-share offer is now increasingly anticipated. 4
Risk sentiment soured early Tuesday as stocks fell and European futures turned down, following U.S. President Donald Trump’s renewed tariff threats linked to Greenland. The move reignited speculation around a “Sell America” trade. 5
Glencore occupies a tricky spot in this environment. As both a metals and coal producer and a commodities marketer, it can profit from market swings but also faces sharp sell-offs when investors rush to reduce risk. 6
A deal of this magnitude would also face regulatory hurdles. Analysts and lawyers told Reuters that China’s antitrust authorities might demand asset divestitures to approve the merger. Barrenjoey analyst Glyn Lawcock added that “China will see this as an opportunity to squeeze out assets.” 7
Traders are shifting focus from the filings to upcoming key events: Glencore’s full-year production report due Jan. 29 and its 2025 preliminary results set for Feb. 18. 8
