<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Mining giant Rio Tinto has abandoned </span><a href="https://www.9news.com.au/national/rio-tinto-glencore-in-talks-to-merge-mining-company-market-takeover-news/fb8402bb-d483-486b-bb20-f88b42738e8b" rel="" target="_blank" title="merger talks with rival Glencore,"><span>merger talks with rival Glencore,</span></a><span> saying the companies failed to clinch a deal that would give shareholders enough value.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Since January, British-Australian Rio Tinto and Glencore, based in Switzerland, have been discussing a potential merger that would have created the world's largest mining company with a value of $300 billion.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Glencore is an Anglo-Swiss company. Both have substantial mining operations in Australia.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/new-data-suggests-number-of-australians-living-with-dementia-set-to-rise/742f7820-4d50-436a-8c9e-9010ff27b472" target="_blank" title="New data suggests number of Australians living with dementia set to rise"><strong><span>New data suggests number of Australians living with dementia set to rise</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In a statement overnight, Rio Tinto said it "could not reach an agreement that would deliver value to its shareholders".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Glencore said Rio had failed to put on the table a large enough premium for acquiring full control in any merger.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We concluded that the proposed acquisition on these terms is not in the best interests of Glencore shareholders."</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/rio-tinto-and-glencore-merger-talks-called-off/ce2962b1-37a1-44d0-a7f1-6a32cf084f62" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It also said Rio had insisted on holding the power to pick the chairman and chief executive.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The two companies had been in talks last year, but those discussions ended without an agreement.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Glencore is Australia's largest coal producer, operating in NSW and Queensland. It also has copper interests in north Queensland, zinc and lead mines in North Queensland and the Northern Territory, and nickel and cobalt in Western Australia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Rio Tinto's Australian operations span across every state but South Australia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>