London, March 16, 2026, 13:15 GMT
Glencore plc shares edged higher in London on Monday, with the stock quoted at 520.6 pence at 12:50 GMT on the company’s website, up 2.2 pence on the day. It was a modest move, but enough to keep the shares above the 520 pence mark at midday. 1
The stock is still trading on a bigger question. Reuters reported on March 13 that chief executive Gary Nagle hopes firmer coal prices can revive the case for a deal with Rio Tinto once takeover restrictions lapse; since Jan. 7, coal prices and Glencore’s shares have both risen 26%, against a 9% gain for Rio. 2
Glencore said after Rio walked away on Feb. 5 that the proposed terms “significantly undervalued” its contribution, especially its copper business and growth pipeline. Under Rule 2.8 of the UK takeover code, which effectively bars a fresh approach for six months unless circumstances change, Rio cannot return with a new offer before August. 3
The company has kept other strategic options in view. Gary Nagle told the Australian Financial Review, in comments reported by Reuters last week, that an Australian Securities Exchange listing could “give investors another option other than Rio and BHP,” though he also said Glencore would need shareholder input and outside advice before taking that step. 4
There are risks close at hand. London metal miners were among Monday’s weakest pockets as copper prices fell, and Glencore also has to manage labour friction in Australia after workers at its Townsville copper refinery staged a four-hour strike on Friday and warned more action could follow if pay talks do not improve. 5
Some investors think the cleaner route to a higher valuation may be asset sales, not a mega-merger. Iain Pyle, an investment manager at Aberdeen, told Reuters last month that Glencore may “sell off assets individually” to build a more focused copper and trading business, while Ninety One portfolio manager George Cheveley said recovering coal prices matter because “cash from the coal business is still very valuable.” 6
Recent results offered some backing. On Feb. 18, Glencore reported a 6% fall in 2025 adjusted EBITDA, a measure of core operating profit, to $13.51 billion but still pledged a $2 billion shareholder return, and Gary Nagle said the “underlying momentum” in the second half was clear as metals prices and copper volumes improved. 7
Management is still pushing that standalone story hard. In its preliminary results, the company said its “standalone investment case is strong” and pointed to about $7 billion of annualised cash generation at current commodity prices; weeks earlier it had said 2025 production volumes for key commodities landed within guidance for a second straight year. 8
