- Rio Tinto (RIO -1.2%) CEO Sam Walsh tells WSJ he is not interested in making a bid for Glencore (OTCPK:GLCNF, OTCPK:GLNCY) despite the sharp decline in the latter's stock price in recent months.
- The CEO says he does not see Rio’s and Glencore’s businesses as well aligned and that Glencore operates in different geographic areas than Rio.
- Rio last year rebuffed a proposal by Glencore to merge the miners, and industry watchers had thought Glencore might make another run at Rio this year, but the company’s sharp stock decline has curtailed any deal plans for now.
- Walsh says Rio will look to use its solid balance sheet to make deals even as other miners struggle, noting that he is particularly interested in Tier-1 copper assets.