Rio Tinto engages three banks to advise on potential Glencore acquisition, source says
Rio Tinto has engaged JPMorgan and two other advisers on its potential acquisition of Glencore, a deal that could create the world's largest miner worth over $200-billion, a source with knowledge of the situation told Reuters.
The other banks Rio Tinto has engaged are Evercore and Australian financial services group Macquarie, the person said. The roles are highly prized as bankers jostle for a share of potentially more than $100-million in advisory fees that such a deal could generate.
The potential transaction represents the latest attempt at consolidation in the global mining industry, as companies race to secure reserves of metals including copper, needed for the energy transition and artificial intelligence.
Glencore has not yet formally retained an adviser, a second person with knowledge of the matter said. The people spoke on condition of anonymity because the matter is private. Citi retains ties to the company as the US bank has advised it on previous deals including its failed acquisition of Teck in 2023, Reuters reported previously.
The two mining giants have explored combining operations before, with Rio Tinto rejecting a Glencore merger offer in 2014, saying it was not in shareholders' interest, while more recent merger talks in late 2024 also concluded without an agreement.
Bloomberg previously reported the names of banks advising on the latest attempt.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
