From the AFR:
Rio Tinto has engaged Macquarie Group to lead the defence against potential renewed interest from Glencore next year afterthe Swiss miner and commodities trader ruled itself out from approaching Rio for at least six months.
It is believed the Australian investment bank advised Rio’s board and management in July when the Anglo-Australian miner received – and later rejected – an informal approach about a $US160 billion merger from Glencore chief executive Ivan Glasenberg.
The Macquarie team, led by senior banker Geoff Joyce, are long-term Rio advisers. Sources familiar with the situation said Macquarie will retain a role focused on maximising “shareholder value” including in the event that Glencore makes a renewed push to create the world’s largest mining house in 2015.
…A series of Rio investor briefings scheduled for the rest of the year now take on a special significance as the London-based miner talks about its growth prospects. Starting with a briefing later this month by iron ore boss Andrew Harding, Rio is expected to adjust its messages to shareholders with an even greater emphasis on the company’s growth options.
I recall BHP blew $500 million dollars on its ludicrous tilt at RIO. More money to be wasted here as no government is going to approve this thing.
