Rio Tinto and Glencore Abandon Plan for $200 Billion Merger. The Stocks Drop.
Rio Tinto and Glencore are no longer considering a merger that would have created a mining company worth more than $200 billion in market capitalization, the pair said Thursday. U.S.-listed American depositary receipts of Rio Tinto fell 4.3%, while Glencore ‘s ADRs dropped 5.3%. Rio Tinto said in a statement that it decided the companies couldn’t reach an agreement that would create value for its shareholders.
Rio Tinto and Glencore are no longer considering a merger that would have created a mining company worth more than $200 billion in market capitalization, the pair said Thursday. U.S.-listed American depositary receipts of Rio Tinto fell 4.3%, while Glencore ‘s ADRs dropped 5.3%. Rio Tinto said in a statement that it decided the companies couldn’t reach an agreement that would create value for its shareholders.