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Bloomberg: Glencore held back from Rio by value after takeover rule expires

Apr. 02, 2015 11:36 AM ETGlencore plc (GLCNF) StockRIO, GLCNF, GLNCYBy: Carl Surran, SA News Editor
  • The shackles keeping Glencore (OTCPK:GLCNF, OTCPK:GLNCY) CEO Ivan Glasenberg from grabbing control of Rio Tinto (NYSE:RIO) will be removed next week when a U.K. takeover rule barring a hostile offer expires, but recent share price moves are likely to keep Glasenberg's desires in check for now, Bloomberg reports.
  • While both companies are weathering the commodity price rout, Glencore is down 15% since its approach was revealed in October, vs. a 6% drop in Rio, giving it a market value about £14B ($21B) more than its rival; as of yesterday, Glencore was valued at £37.1B vs. Rio's £51.6B.

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