No price update today with China still closed. The big news is RIO and rumours of a Glencore merger, which reversed yesterday’s losses in London and sent New York ADR’s up an absurd 20% at one point in New York. From the AFR:
Glencore is laying the groundwork for a potential merger with Rio Tinto Group in the next year that would create the world’s largest mining company, worth about $US160 billion, according to people familiar with the situation.
As a preliminary step, Glencore has reached out to Aluminum Corp. of China, the Chinese state-backed company that is Rio’s largest shareholder, to gauge its interest in a potential deal, said two of the people, who asked not to be identified because the matter is private.
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