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Glencore (A3/BBB+/NR): Rio Talks Reported

BASIC INDUSTRIES
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  • Rio Tinto and Glencore have held merger discussions, according to Bloomberg news.
  • This would be a complicated deal, with each miner having a wide footprint of metals and geographies. Spinoffs or divestments of some assets would be likely.
  • Rio has exited fossil fuels. By contrast, Glencore recently added to its coal portfolio, buying assets from Teck last year.
  • Copper assets would be the main motivation for Rio, given a strong demand outlook driven by the energy transition. Rio is currently heavily reliant on iron ore.
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  • Rio Tinto and Glencore have held merger discussions, according to Bloomberg news.
  • This would be a complicated deal, with each miner having a wide footprint of metals and geographies. Spinoffs or divestments of some assets would be likely.
  • Rio has exited fossil fuels. By contrast, Glencore recently added to its coal portfolio, buying assets from Teck last year.
  • Copper assets would be the main motivation for Rio, given a strong demand outlook driven by the energy transition. Rio is currently heavily reliant on iron ore.