GREY:EORBF - Post by User
Post by
peterstockhouseon Oct 07, 2014 1:38pm
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Post# 23006630
Rio Tinto has rejected a takeover approach from Glencore
Rio Tinto has rejected a takeover approach from Glencore MELBOURNE/LONDON (Reuters) - Rio Tinto has rejected a takeover approach from smaller rival Glencore Plc, snubbing a blockbuster deal that would have created a $160 billion mining and commodities trading giant.
Rio said on Tuesday that it was contacted about a potential deal in July, as the price of its most profitable product, iron ore, was heading toward five-year lows. Glencore confirmed later that it had made a telephone call to gauge interest in "some form of merger".
"Rio Tinto responded that it was not interested in pursuing these discussions," Glencore said in a statement.
https://ca.finance.yahoo.com/news/rio-tinto-rejects-glencore-merger-approach-amid-iron-022218392--finance.html