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Glencore (GLNCY) confirmed it is in preliminary discussions with Rio Tinto regarding a possible combination of some or all of their businesses, potentially structured as an all-share transaction.The current expectation is that any deal would be executed via Rio Tinto acquiring Glencore through a UK court-sanctioned scheme of arrangement.Glencore emphasized there is no certainty that an offer will be made, nor on structure or terms; this is not a firm intention to bid under the UK Takeover Code.Under Rule 2.6 of the Takeover Code, Rio Tinto must announce by 5:00 pm London time on 5 February 2026 whether it intends to make an offer or walk away.