[miningmx.com] – GLENCORE was no longer seeking a merger with Rio Tinto, although it reserved the right to revisit a possible transaction with the Anglo-Australian company in the future.
“Glencore confirms that it is no longer actively considering any possible merger transaction with, or offer for the shares of, Rio Tinto,” the Swiss-headquartered firm said in an announcement today.
It confirmed an earlier statement by Rio Tinto that it had made an inquiry in July regarding a possible combination of the two companies, described as “informal” and “by telephone”.
Glencore had been “… seeking to gauge whether there might be any interest at Rio Tinto in investigating some form of merger between the two companies,” it said in its announcement. “Rio Tinto responded that it was not interested …”, it said.
Glencore is now restricted from making an approach to Rio Tinto or trading in its shares for a period of six months in terms of UK regulations.
“Glencore however reserves its rights to make an offer in the future with the consent of the Takeover Panel, either with the recommendation of the Board of Rio Tinto, in the event of a third party offer for Rio Tinto, or in the event of a material change in circumstances,” the group said.
