A deal would be the biggest-ever in the mining industry, creating a $US158 billion behemoth that would be worth more than BHP.
Rio Tinto and Glencore have been discussing combining their businesses, according to people familiar with the matter, in what could result in the mining industry’s largest-ever deal.
A deal would potentially create a $US158 billion behemoth to leapfrog longstanding industry leader BHP, which is worth about $US126 billion.Rio Tinto shares fell in early trade. They are 1.4 per cent lower at $117.98 at 10.23am AEDT. Representatives for both Rio and Glencore declined to comment. Rio’s American depositary receipts declined while Glencore jumped.
Both Glencore and Rio own some of the best copper mines in the world. However, Rio — like BHP — still depends heavily on iron ore to drive its profits, at a time when China’s decades-long construction boom is drawing to an end and the iron ore market appears headed for an extended period of weakness.Glencore, which previously proposed a merger with Rio in 2014, has been one of the most aggressive dealmakers in the sector.
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