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Rio Tinto and Glencore have officially abandoned talks for a $300 billion merger after failing to agree on price and leadership roles. Rio aimed to retain its chair and CEO in the combined company, while Glencore sought a substantial premium for its shareholders.

Negotiations were complicated by commodity price fluctuations, impacting valuations. The merger would have formed one of the largest copper producers globally, combining Glencore's 1 million tonnes of annual production with Rio's 800,000 tonnes. Both companies will now prioritize long-term value independently, with Rio also considering changes to its dual-listed structure.