Rio Jumps After Saying It Rejected Glencore Takeover Approach

Rio Tinto Group jumped the most in more than a year in London after saying it rejected a merger approach from Glencore Plc (GLEN) that would have created the world's largest miner. Glencore made a merger proposal in July, which was unanimously rejected by Rio Tinto (RIO)'s board, London-based Rio said today in a statement. After being rebuffed by the board, Glencore has reached out to Rio's biggest investor, Aluminum Corp. of China, to gauge its interest in a potential deal in the next year, according to people familiar with the matter. By acquiring Rio Tinto, Glencore Chief Executive Officer Ivan Glasenberg would create the world's largest mining company worth more than $160 billion, usurping BHP Billiton Ltd. (BHP) He'd also add Rio Tinto's giant iron ore mines in Australia to Glencore's leading positions in copper, coal, nickel and zinc.



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