Mining giants couldn't agree on billion-dollar deal
Global mining giants Rio Tinto and Glencore have completed negotiations on a possible merger worth 260 billion dollars, according to Yieh.
This decision was made after the parties were unable to reach an agreement on valuation and management that would satisfy their shareholders.
Glencore rejected an offer in which Rio Tinto would have retained senior positions, saying that the proposed terms significantly underestimate the value of its copper division and the company's overall contribution. At the same time, Rio Tinto concluded that the deal did not provide sufficient benefits for its shareholders.
Negotiations were terminated with the onset of the regulatory deadline for submitting a final proposal, which, in accordance with the rules of acquisitions in the UK, makes it impossible for Rio to submit a new application within six months. This is the third time that negotiations between these two giants of the commodity sector have ended in vain.