London, Feb 3, 2026, 08:17 GMT — Regular session
- Glencore shares climbed in early trading following reports that it is nearing a deal to bring Citi into talks over Rio Tinto.
- Rio Tinto faces a UK takeover deadline to clarify its intentions by Feb. 5
- Attention shifts to whether there will be a deadline extension request and Glencore’s full-year results due later this month
Glencore shares climbed in early London trading Tuesday, adding to volatile moves sparked by deal chatter around Rio Tinto talks. By 08:17 GMT, Glencore (GLEN.L) was up 0.9% at 505.6 pence. (MarketScreener)
The shift came after a Reuters report indicated Glencore is nearing a deal to hire Citi as lead investment bank for possible merger talks with Rio Tinto — a combination that could form a mining giant valued over $200 billion. Both Citi and Glencore declined to comment, according to Reuters. (Reuters)
Why it matters now: Rio Tinto faces a ticking clock under the UK takeover code’s “put up or shut up” rule. The miner must declare a firm intention to bid for Glencore by 5 p.m. London time on Feb. 5 or walk away. That deadline, however, isn’t set in stone—it can be pushed back if the Takeover Panel agrees. (Riotinto)
Bankers are jockeying for position. On the flip side, Rio Tinto has brought in JP Morgan, Evercore, and Macquarie as advisers, sources told Reuters. Other banks are also angling for a piece of a deal that could yield over $100 million in fees. (Mining)
The broader market remains jittery. London’s FTSE 100 hit a record high on Monday as investors shifted into banks and defensive sectors, despite a global selloff hitting energy and metals stocks hard. “The FTSE 100’s record close reflected improving global risk sentiment, which outweighed the broader commodities selloff,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, according to a Reuters report. (Reuters)
For Glencore shareholders, Tuesday may reveal if there’s more than just advisers and process at play. The company hasn’t confirmed any deal specifics, and the Takeover Panel’s schedule allows little wiggle room without an extension.
Traders are closely eyeing how any deal could be structured — and whether Rio Tinto will secure exclusivity or open talks wider beyond early discussions. Updates on financing, asset carve-outs, or regulatory strategy could quickly move the price.
Glencore plans to publish its 2025 full-year results on Feb. 18 at 7 a.m. UK time through the London Stock Exchange’s RNS. Investors will be watching for updates on guidance, shareholder returns, and any comments related to deals. (Glencore)
The downside is clear: if no extension comes through and Rio Tinto decides to pull out, the “deal premium” baked into Glencore shares could evaporate quickly. Even if the deadline is pushed back, the sheer scale of any merger adds execution and regulatory hurdles, while the stock stays vulnerable to volatile commodity swings.
First on the calendar is the Takeover Panel deadline on Feb. 5. The Bank of England’s policy meeting follows later this week, with Glencore set to report results on Feb. 18 — the next opportunity for new developments.
