Global miner's mega-bid tests investor appetite for copper [Wealth Professional (Canada)]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
Company Research
Source: Wealth Professional
Copper just hit a record US$13,000 a ton and Rio Tinto is eyeing a blockbuster move to lock in more of it by pursuing Glencore in what could become the biggest mining deal in history. According to Reuters , Rio Tinto and Glencore are in early talks on an all-share acquisition of “some or all” of Glencore, with the parties' current expectation that any deal would be done through a Court-sanctioned scheme of arrangement that sees Rio buy Glencore. Under UK takeover rules, Rio has until February 5 to either announce a firm offer or step away for six months. On current prices, the combined group would be worth just over US$200bn and would overtake BHP as the world's largest miner Reuters reported. CNBC pegged Rio Tinto's market cap at about US$139.7bn and Glencore at about US$65.1bn, for a combined US$204.8bn. The market reaction shows the split between buyers and sellers. Glencore shares jumped about 10 percent in London, according to Bloomberg , while Reuters said US-listed
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