[miningmx.com] – GLENCORE will be permitted to revisit its bid for Rio Tinto in a week’s time when a UK takeover rule barring a hostile offer expires, said Bloomberg News.
However, the relative value of Glencore’s share price to Rio Tinto’s valuation has not gone in favour of the Swiss-based trading house, said the newswire. Glencore shares are 15% weaker since October while Rio Tinto has only lost 6%.
“The share-price moves have not gone in Glencore’s favor yet,’ said Richard Knights, an analyst at Liberum Capital.
Glencore’s weaker share price would mean that a scheme of arrangement takeover using shares would now be more expensive for Glencore.
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