Finance
Rio Tinto engages three banks to advise on potential Glencore acquisition, source says
Published by Global Banking and Finance Review
Posted on January 13, 2026
Home > Finance > Rio Tinto engages three banks to advise on potential Glencore acquisition, source says
Rio Tinto Hires Three Banks for Potential Glencore Acquisition
Overview of the Potential Acquisition
By Andres Gonzalez
Advisors Involved
LONDON, Jan 13 (Reuters) - Rio Tinto has engaged JPMorgan and two other advisers on its potential acquisition of Glencore, a deal that could create the world's largest miner worth over $200 billion, a source with knowledge of the situation told Reuters.
Historical Context of Merger Talks
The other banks Rio Tinto has engaged are Evercore and Australian financial services group Macquarie, the person said. The roles are highly prized as bankers jostle for a share of potentially more than $100 million in advisory fees that such a deal could generate.
Industry Implications
The potential transaction represents the latest attempt at consolidation in the global mining industry, as companies race to secure reserves of metals including copper, needed for the energy transition and artificial intelligence.
Glencore has not yet formally retained an adviser, a second person with knowledge of the matter said. The people spoke on condition of anonymity because the matter is private. Citi retains ties to the company as the U.S. bank has advised it on previous deals including its failed acquisition of Teck in 2023, Reuters reported previously.
The two mining giants have explored combining operations before, with Rio Tinto rejecting a Glencore merger offer in 2014, saying it was not in shareholders' interest, while more recent merger talks in late 2024 also concluded without an agreement.
Bloomberg previously reported the names of banks advising on the latest attempt.
(Reporting by Andres Gonzalez; Editing by Anousha Sakoui and Emelia Sithole-Matarise)
Frequently Asked Questions about Rio Tinto engages three banks to advise on potential Glencore acquisition, source says
1What is an acquisition?
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
2What are advisory fees?
Advisory fees are charges paid to financial advisors or consultants for their expertise and guidance in transactions such as mergers and acquisitions.
3What is the mining industry?
The mining industry involves the extraction of minerals and other geological materials from the earth, which are essential for various sectors, including construction and manufacturing.
4What is a merger?
A merger is a business combination where two companies join to form a new entity, often to enhance competitiveness and operational efficiency.
5What is investment banking?
Investment banking is a segment of banking that helps companies raise capital by underwriting and issuing securities, as well as providing advisory services for mergers and acquisitions.
