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.
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.