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Bond Market News
Rio Tinto and Glencore End Merger Talks
February 9, 2026
Rio Tinto and Glencore officially ended their revived plans for a $260bn merger, a deal that was on the verge of creating the world’s largest mining company. Rio Tinto concluded that it could not reach a deal that delivered sufficient value to its shareholders. Glencore argued that the proposed terms which would have seen Rio retain the chair and CEO roles, significantly undervalued its copper business and growth pipeline. This marks the third failed attempt to merge the two giants over the past two decades. Under UK takeover rules, Rio Tinto is now prohibited from making another bid for at least six months.
Bonds of both the companies were trading stable. For instance, Glencore’s 4.875% 2029s were trading at 101.9, yielding 4.1% and Rio Tinto’s 5% 2033s were at 102.7, yielding 4.5%.
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