London, Jan 23, 2026, 08:35 GMT — Regular session
- Glencore shares gained 0.7% early Friday, bouncing back from a 2% drop the day before
- Recent takeover-code filings reveal BlackRock holds 7.28%, while the Allan & Gill Gray Foundation owns 1.798%
- Keep an eye on the Feb. 5 “put up or shut up” deadline and Glencore’s production report due Jan. 29
Glencore (GLEN.L) shares ticked higher in early London trading on Friday, gaining 3.55 pence—or roughly 0.7%—to reach 493.7 pence. Investors weighed fresh takeover filings. (Glencore)
The drop came after a volatile, deal-packed run for the stock, which had already fallen 1.97% on Thursday. (Investing)
Why it matters now: The UK Takeover Panel’s disclosure table sets a deadline of Feb. 5 at 17:00 London time linked to Glencore’s offer period, naming Rio Tinto as the offeror. (Thetakeoverpanel)
Glencore has set a deadline for Rio Tinto to declare a firm intention to make an offer—or to confirm it won’t go ahead—by 5.00 p.m. on 5 February 2026. Any extension beyond that requires approval from the Panel. The company also warned that Rule 8.3 disclosures will apply to holders owning 1% or more once the offer period begins. (Glencore)
BlackRock, Inc. disclosed a 7.28% stake in Glencore’s ordinary shares in its latest filing, along with some derivative and minor short positions, per a Form 8.3 dated Jan. 22. (Investegate)
Separately, a filing from Orbis Investment Management revealed that the Allan & Gill Gray Foundation owns 211,168,995 shares of Glencore, representing 1.798% of the company. The foundation also reported selling 1,817,531 shares. (TradingView)
Sentiment for miners has also been rattled by the wild swings in copper prices outside the deal tape. Daria Efanova, head of research at Sucden Financial, noted that a rise in LME copper stocks has “pushed cash–3M into deeper contango,” a market setup often seen when near-term tightness is easing. (Sucden Financial)
But the situation works both ways. Should Rio pull out by the deadline, traders betting on deal optionality might rush to unwind positions. Disclosures under takeover rules can also stir up volatility when major shareholders adjust or hedge stakes during an offer period. (Thetakeoverpanel)
Glencore’s next major event is operational. The company will release its 2025 full-year production report on Jan. 29, with full-year financial results coming on Feb. 18. (Glencore)
Beyond that, all eyes are on any official word from Rio Tinto before the Feb. 5 deadline—and the trickle of fresh filings that can sway the stock on scant details.
