Rio Tinto (RIO) is unlikely to revisit merger talks with Glencore soon, as the six-month standstill on negotiations is set to expire on Tuesday, Reuters reported the same day, citing sources familiar with the matter.
Instead, Rio Tinto CEO Simon Trott is currently focused on the company's simplification strategy, which covers divestments and evaluating copper opportunities, Reuters said. According to sources, Trott expressed to Australian shareholders that Rio Tinto has no reason to resume merger talks with Glencore, the report added.
Reuters said the companies remain subject to UK takeover rules, under which Glencore would need Rio Tinto's consent or another exemption to make a new approach following the expiration of the standstill period.
Rio Tinto and Glencore did not immediately respond to MT Newswires' requests for comments.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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