Rio Tinto Group and Glencore Plc are preparing to seek an extension of the deadline for their ongoing negotiations on a potential mega-deal that could create the world’s largest mining company, reports from Bloomberg and other outlets indicate. The two mining giants have been in discussions since early January over an all-share transaction that would combine their operations and position the combined entity among the biggest global producers of copper and other key commodities.
Under current UK takeover rules, Rio Tinto is required to confirm its intention to make a formal bid by February 5, 2026, or pause talks for six months. Sources familiar with the matter say that Glencore is likely to request more time from the UK Takeover Panel to iron out differences, particularly around valuation and the premium Rio would need to offer, underscoring that talks remain fluid and unresolved.
Both companies appear keen to reach an agreement despite the challenges. An extended negotiation period would allow leaders to address shareholder concerns and regulatory requirements, though the outcome of the deal — and whether it will proceed — remains uncertain.