London, Jan 21, 2026, 08:41 GMT — Regular session
- Glencore shares climbed roughly 1.7% in early London trading, defying the weaker trend across European markets.
- Rio Tinto’s stronger-than-expected output has reignited speculation around takeover discussions and when a deal might unfold.
- Traders have their eyes on Glencore’s production report set for Jan. 29 and the Feb. 5 takeover-code deadline involving Rio.
Glencore (GLEN.L) shares jumped 1.7% to 490.25 pence early Wednesday, rebounding after Tuesday’s finish at 482.00 pence. 1
This shift drew attention since the stock now serves as a barometer for merger risk following Rio Tinto’s recent operating update, despite broader European equities falling amid fresh trade tension news. 2
Rio reported iron ore and copper output in the fourth quarter that exceeded analysts’ expectations. New CEO Simon Trott highlighted the “exceptional production performance” amid ongoing internal restructuring. The company is also in discussions with Glencore over a possible merger. 3
Copper prices remained in the spotlight. On Jan. 21, copper climbed to roughly $5.87 per pound, according to Trading Economics data. 4
Glencore’s shares fluctuated between 480.86 pence and 490.95 pence during the session, with roughly 2.7 million shares changing hands, based on delayed quotes from Hargreaves Lansdown. 5
Deal-watchers have been closely analyzing a steady stream of “Form 8.3” disclosures — filings mandated by the UK Takeover Code for investors holding 1% or more to report their stakes and trades during an offer period. 6
Glencore has two key dates lined up: its full-year production report is set for Jan. 29, followed by the full-year earnings release on Feb. 18, the company confirmed. 7
On the Rio-Glencore front, the UK timeline is narrower. Rio must spell out its plans by Feb. 5 under takeover regulations, Reuters reports. 8
Still, there’s a major “but.” The talks might collapse, and if a deal does emerge, it would face a tougher market environment—especially if trade tensions escalate or metal prices slip. That leaves Glencore vulnerable after a recent surge.
Focus now turns to Jan. 29, when Glencore is set to release its production report, followed by Rio’s deadline on Feb. 5 — both dates with the potential to rapidly shift market expectations. 9
