'BHP Not Planning Bid For Glencore As Rio/Glencore Talks Resume, Sources Say' - Reuters Exclusive
Benzinga Newsdesk 10 months ago
M&A
Rio Tinto in bid to take over GlencoreAnalysts, investors flagged BHP as possible spoilerBHP not currently planning rival bid, two sources sayLONDON, Jan 12 (Reuters) - BHP BHP.AX is set to wait out Rio Tinto's talks to
- Rio Tinto in bid to take over Glencore
- Analysts, investors flagged BHP as possible spoiler
- BHP not currently planning rival bid, two sources say
LONDON, Jan 12 (Reuters) - BHP BHP.AX is set to wait out Rio Tinto's talks to take over Glencore GLEN.L, 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 RIO.AX, RIO.L 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.