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Rio Tinto has ended merger talks with Glencore due to an inability to agree on a control premium. The discussions, initiated in January 2026, aimed to form the world's largest mining company, valued at over $200 billion.

Rio Tinto stated it could not reach an agreement that would provide value to shareholders, while Glencore expressed disappointment over the valuation of its copper business and overall contribution in the proposed deal. Glencore’s shares dropped up to 11% following the announcement.

Under UK takeover regulations, Rio Tinto cannot pursue Glencore for six months unless specific conditions arise. This marks the third failed attempt at a merger between the two companies.