Rio Tinto and Glencore Walk Away From Megamerger, but Mining M&A Marches On

2026-02-09 14:15:00 ET

The collapse of merger talks between Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Glencore (LSE:GLEN,OTCPL:GLCNF) has ended what would have been the mining industry’s largest-ever deal.

The two companies confirmed last week that discussions over a potential US$260 billion combination have been abandoned after they failed to agree on terms that would deliver shareholder value. The deal, revived late last year , would have created the world’s largest diversified miner with dominant positions in copper, iron ore, lithium and cobalt.

Rio Tinto said it is no longer considering a merger or other business combination with Glencore after determining it could not reach an agreement that meets its shareholder objectives.

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