Rio Tinto Limited (ASX:RIO, LON:RIO) has revealed it was approached by Swiss based mining giant Glencore PLC (LON:GLEN) regarding a potential merger in July.
Responding to media speculation a merger may be brewing, Rio Tinto has denied it remains in talks with Glencore since having rejected the merger in August.
The revelations come after reports surfaced claiming Glencore had recently approached Rio Tinto’s largest shareholder Chinalco to gauge its interest in a possible deal.
Rio Tinto says its board unanimously concluded a Glencore merger would not be in the best interests of Rio shareholders.
The miner has affirmed its focus on the successful execution of its strategy to increase free cash flows significantly and materially increase shareholder returns.
Rio Tinto reported a net profit of $4.54 billion in the first half of the 2014 calendar year.
