Rio Tinto Group has engaged a team of bankers, including prominent dealmaker Simon Robey, as it explores a potential transaction involving Glencore. The mining company has enlisted financial advisory services from Evercore, which recently acquired Robey’s London-based boutique, Robey Warshaw. JPMorgan Chase & Co. and Macquarie Group are also providing advisory support to Rio Tinto in this matter. Rio Tinto is a leading global mining group that focuses on finding, mining, and processing the Earth’s mineral resources. The company aims to produce materials essential to human progress.
UBS Group, a corporate broker for Rio Tinto, is currently not actively involved in the transaction. Citigroup, traditionally closely aligned with Glencore and involved in its recent deals, has reportedly been in discussions to secure a role in the potential transaction. Sources familiar with the matter have requested anonymity due to the confidential nature of the information.
In recent days, Citigroup, JPMorgan, and UBS have all restricted or suspended their ratings on Rio Tinto and Glencore shares, according to data compiled by Bloomberg. Glencore is a multinational commodity trading and mining company. Its operations include the production and marketing of metals and minerals, energy products, and agricultural goods.
The potential deal and the engagement of financial advisors highlight the strategic importance of the matter for Rio Tinto, although no formal offer has been released. The involvement of top-tier banks underscores the scale and complexity of the possible transaction between the two mining giants.
