World Economy

Rio Rejects Merger

Rio Rejects MergerRio Rejects Merger

Mining giant Glencore’s $160 billion merger has been rejected by Anglo-Australian mining group Rio Tinto. Anglo-Swiss Glencore first approached Rio Tinto this summer with a merger offer that would have created the world’s largest mining company, amid a global slump in commodities prices. Glencore now has its sights on possibly acquiring Aluminum Corporation of China’s 9.8% stake in Rio.