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The Guardian - UK

Business

Joanna Partridge

Rio Tinto and Glencore abandon revived $260bn merger plan

Glencore Rio Rio Tinto copper Mining

A shipping conveyer at a Rio Tinto Bauxite Mine — Rio Tinto’s bauxite mine in Weipa, North Queensland, Australia. Thursday was Rio’s ‘put up or shut up’ deadline to make an offer. Photograph: Jono Searle/AAP

Rio Tinto and Glencore have abandoned plans for a $260bn merger, walking away from a deal that would have created the world’s largest mining company.

Rio Tinto said it was no longer considering a “merger or other business combination” with Glencore after it “determined that it could not reach an agreement that would deliver value to its shareholders”.

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