Glencore Shares Rally – What’s The Merger Talk?

• Parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement.
• There is no certainty that the terms of any transaction or offer will be agreed.

Shares of Glencore rallied on Thursday after it said it was in preliminary discussions with Rio Tinto about a possible merger of some or all of their businesses. 

The parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement, it said. 

The company said the discussions also include an all-share merger between Rio Tinto and Glencore.

There is no certainty that the terms of any transaction or offer will be agreed, nor as to the terms or structure of any such transaction or offer, if agreed, the statement said. 

Shares in the company rallied nearly 9% at the time of writing. 

Earlier, a report from Financial Times said that the potential merger would create the world’s largest mining company with an enterprise value of more than $260 billion. 

Glencore had approached Rio Tinto in 2024 about combining the two big copper producers but discussions did not live long, according to a report from Reuters. 

Copper Surging

Copper prices have been high due to tightening of supply amid global tariffs enforced by the U.S. President Donald Trump and risk of trade war between U.S. and China.

Goldman Sachs expects copper prices to consolidate in 2026. The firm noted that ex-U.S. inventories have become a better driver of London Metal Exchange (LME) prices in 2025 than global stockpiles, which have risen this year. The bank forecasts copper will average about $11,400 a ton in 2026, assuming tariff uncertainty persists until a mid-2026 announcement, with implementation pushed to 2027. 

How Did Stocktwits Users React?

Retail sentiment around GLNCY trended in ‘bullish’ territory amid ‘high’ message volume. Whereas, retail sentiment around RIO trended in ‘neutral’ territory amid ‘high’ message volume. 

Shares of GLNCY have risen nearly 40% over the past year. 

Shares of Rio Tinto edged lower by 0.8% on Thursday. They have risen 45.3% over the past year. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.
 

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