The Simandou iron-ore mine run by Rio Tinto and partners' joint venture, SimFer, in the Nzerekore Region, Guinea, in November, 2025.Luc Gnago/Reuters
Rio Tinto RIO-N is pushing for its chair and CEO to retain their roles, while Glencore GLCNF is holding out for a hefty premium, as the deadline for a potential merger between the companies looms, the Financial Times reported on Wednesday.
Negotiations for the deal, which began in early January, are expected to continue beyond Thursday’s deadline, the FT said, citing people close to the talks.
Under U.K. takeover rules, a potential bidder has 28 days from being identified to either announce a firm intention to make an offer or walk away. The current deadline expires on Feb. 5, though the parties could request an extension.
Rio Tinto in talks to buy Glencore in deal that would make it world’s largest miner
The miners remain far apart on valuation and governance issues, the report added, raising doubts over whether the differences can be resolved.
Rio Tinto did not immediately respond to Reuters’ request for comment, while Glencore declined to comment. Reuters could not immediately verify the report.
In January, the companies said they were in early talks of a merger in what could create the world’s largest mining company with a combined market value of nearly US$207-billion.