Glencore PLC is reportedly looking to acquire Rio Tinto Group within the next year, a deal that would result in the world’s largest mining company.
Unnamed sources said the merged company would be worth about $160 billion. The company has already reached out to top Rio shareholder Aluminum Corp of China to discuss a possible deal, reports say. Following the reports, Rio came out to deny the plans of a merger, telling reporters that the company rejected a Glencore offer last August.
Rio says no further merger discussions have happened since.
But if a deal is reached, it could culminate in the world’s largest miner, pushing Glencore past current market leader BHP Billiton.
Full content: Bloomberg
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