# Glencore shares surge after confirming talks with Rio Tinto over mega-merger

By Derren Nathan — 2026-01-09

Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Last year’s theme of consolidation in the natural resources sector has shown no sign of let up in the early part of 2026.

“In the same week we’ve seen Chevron make a swoop for Lukoil’s non-Russian fossil fuel assets, Rio Tinto and Glencore have confirmed that the mother of all mining deals could be back on the table.

“Details are thin on the ground, but a deal could see Rio scoop up some or all of Glencore’s assets.

“A full combination would create a global leader in multiple industrial metals including iron ore and transition metals such as copper, cobalt and lithium.

“But M&A isn’t an automatic path to extracting value for investors, with Rio’s Australian shares down six per cent and Glencore ending Thursday in negative territory.

“Under the UK’s takeover code, the management teams now have until February 5 to outline a compelling case for both sets of shareholders.

“The diverse asset base and likely synergies have the potential to provide further protection against commodity price fluctuations, but just how Glencore’s coal and trading arms fit in with Rio’s business model, and push for improved sustainability credentials, are key questions to answer.”

Canonical: https://experts.pressassociation.com/expert/72/views/e962d77a623213a0