BUZZ-Rio Tinto Plc: Glencore lays groundwork for potential merger - Bloomberg

Mon Oct 6, 2014 12:46pm EDT
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** Diversified miner's U.S.-listed shares up 8 pct at $50.96

** Glencore Plc is laying groundwork for potential merger with Rio Tinto next year to create world's largest mining company worth about $160 billion, Bloomberg reported, citing sources familiar with matter (

** Glencore has reached out to Rio Tinto's largest shareholder, Chinese state-backed Aluminum Corp of China , to gauge its interest in potential deal, Bloomberg says

** "We don't comment on market rumor or speculation," Glencore spokesman tells Reuters

** Reuters reported last month, citing a banking source, that Glencore was talking about potential tie-up with Rio

** Up to Friday's close, stock had fallen about 16 pct this year