Wrap Text
Response to Rule 2.8 announcement from Rio Tinto
Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
05 February 2026
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
5 February 2026
Glencore PLC ("Glencore")
Response to Rule 2.8 announcement from Rio Tinto
The Board of Glencore notes the announcement made by Rio Tinto plc and Rio Tinto Limited (together,
"Rio Tinto") earlier today confirming that it does not intend to make an offer for Glencore. As a result,
Rio Tinto is bound by the restrictions set out in Rule 2.8 of the City Code on Takeovers and Mergers. The
parties were unable to reach agreement on the terms of a combination.
The key terms of the potential offer were Rio Tinto retaining both the Chairman and Chief Executive
Officer roles and delivering a proforma ownership of the combined company which, in our view,
significantly undervalued Glencore's underlying relative value contribution to the combined group, even
before consideration of a suitable acquisition control premium.
We concluded that the proposed acquisition on these terms is not in the best interests of Glencore
shareholders. It does not reflect our view on long term, through the cycle relative value, including not
adequately valuing our copper business, and its leading growth pipeline, and apportioning material synergy
value potential.
Glencore's standalone investment case is strong. We have a well-diversified business across a range of
commodities, supported by one of the best marketing franchises in the industry. We are uniquely
positioned to support the energy needs of today whilst providing many of the transition enabling
commodities the world needs as demand changes.
We have optimised and simplified our operating structures, which has promoted accountability and
delivery, and supported our achieving, for the second consecutive year, full year production for our key
commodities within guidance ranges.
We have continued to upgrade the quality of our portfolio of assets, have invested strategically in new
opportunities, and now have an exceptional portfolio of copper projects, which provides a pathway from an
already significant copper producer, to become one of the world's largest producers over the next decade.
We remain focussed on delivering on our 2026 priorities, achieving our operational targets and derisking
and successfully progressing our organic growth volumes, all with the objective of supporting long-term
value creation for shareholders.
Additional information
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the
solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any
securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or
otherwise.
The distribution of this announcement in jurisdictions other than the United Kingdom may be affected by
the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction
other than the United Kingdom will need to inform themselves about, and observe, any applicable
requirements.
LEI number: 2138002658CPO9NBH955
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 05-02-2026 05:41:00
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