Glencore faces six-month wait after Rio Tinto rejects approach

Mining giant Rio Tinto has rebuffed a takeover bid from rival Glencore in August which would have created the world's largest listed mining group.

Rio said its board decided a takeover would not have been in the best interests of its shareholders. In response, Glencore said this afternoon it "is no longer actively considering" either a merger with or takeover of the Anglo-American miner. That means Glencore must wait six months before returning with another offer. Speculation of a possible merger had caused London-listed shares in Rio Tinto to rise by more than 4% in morning trading last Tuesday, but Glencore's statement saw it close up by less than 1%. The mining giant now has a market capitalisation of around £56bn compared...