Glencore, Rio Tinto abandon merger talks [BNN Bloomberg (Canada)]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
Company Research
Source: BNN Bloomberg
The combined company would have an enterprise value of more than US$260 billion, according to the Financial Times, which first reported the news in early January. But Glencore said Thursday it was unable to agree to terms on the merger. “The Board of Glencore notes the announcement made by Rio Tinto plc and Rio Tinto Limited … earlier today confirming that it does not intend to make an offer for Glencore,” said a news release from Glencore on Feb. 5. “The parties were unable to reach agreement on the terms of a combination.” The key terms of the potential offer were Rio Tinto retaining both the chairman and chief executive officer roles, the release said. ‘Not in the best interests' of shareholders Rio Tinto also wanted “proforma ownership of the combined company which, in our view, significantly undervalued Glencore's underlying relative value contribution to the combined group, even before consideration of a suitable acquisition control premium.” “We concluded that th
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