Finance
Exclusive-BHP to wait out Rio-Glencore talks, no plan to bid, sources say
Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 19, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 19, 2026
BHP is not planning a bid for Glencore amid Rio Tinto's talks. The mining sector is watching closely as copper demand rises.
By Clara Denina and Amy-Jo Crowley
LONDON, Jan 12 (Reuters) - BHP is set to wait out Rio Tinto's talks to take over Glencore, a deal that would create the world's largest mining company, and is not currently planning a bid for the Swiss firm, two people familiar with the matter said.
Glencore shares rose around 10% following news of Rio's renewed interest in the company late on Thursday, sparking speculation that rival offers could follow.
Analysts, investors and bankers last week told Reuters that BHP, which has a market capitalisation of $158 billion, was the most likely spoiler of Rio's bid for Glencore, which could create a mining behemoth worth almost $207 billion.
However, after news of the mega-merger broke, the Australian miner indicated that it was not pursuing a counterbid, as it does not perceive Glencore to be complementary to its business, two people with direct knowledge of BHP's internal deliberations told Reuters.
LEADING MINERS VIE FOR COPPER TO FEED AI, ENERGY TRANSITION
BHP is not interested in Glencore's trading arm and coal assets and also views Anglo American's copper unit as superior to Glencore's, the sources said, requesting not to be named as they were not authorised to discuss the matter.
BHP will wait on the sidelines for greater clarity before making its next move, one of the sources added.
BHP declined to comment when asked about the sources' characterisation of its interest in Glencore.
BHP pursued a takeover of Anglo for a year and a half before those efforts fell through in November, marking another setback in its push to retain leadership in the copper sector. Anglo is now involved in a tie-up with Canada's Teck Resources.
Glencore and Anglo each hold a 44% stake in Chile's giant Collahuasi copper mine, while Glencore and BHP are partners in the Antamina copper joint venture in Peru.
The recent flurry of dealmaking reflects the race by the world's biggest mining companies to secure future supplies of copper, a metal critical to the data centres required for the mass adoption of AI and the global clean energy transition.
(Reporting by Clara Denina in Riyadh and Amy-Jo Crowley in London; Editing by Joe Bavier)
Market capitalisation is the total market value of a company's outstanding shares of stock, calculated by multiplying the share price by the total number of shares.
A merger is a business combination where two companies join to form a single entity, often to enhance competitiveness and efficiency.
Copper supply refers to the availability and production of copper, a key metal used in various industries, including electronics and construction.
A counterbid is an offer made by a competing bidder in response to an initial bid, often to acquire a company or asset.
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity.
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