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Rio Tinto rejects Glencore's merger bid

Global mining major Rio Tinto on Tuesday said it has rejected merger bid from diversified natural resource company Glencore.

Glencore in July this year had contacted Rio Tinto regarding a potential merger of both the mining giants, which was rejected in August. 'The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore. The Rio Tinto board confirms that no discussions are taking place with Glencore,' Rio Tinto said in a statement.

Media reports had speculated a possible merger of both the companies to create a $160 billion mining and trading giant.

'The Rio Tinto board, after consultation with its financial and legal advisers, concluded unanimously
that a combination was not in the best interests of Rio Tinto's shareholders,' Rio Tinto said.
PTI

PTI

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