Glencore Rumor Of Rio Tinto Plc Buyout Puts Other Mineral Miners In Play
Following rumors Monday of a Glencore buyout of Rio Tinto plc (NYSE: RIO), other aluminum, iron and copper miners moved in sympathy. A Bloomberg report late Monday suggested Rio Tinto's Board has confirmed the company has had held discussions with Glencore.
Shares of BHP Billiton Limited (NYSE: BHP) bounced off multi-year lows at the $57 level to close at $57.96; it briefly trading above $59.
Aluminum Corp. of China Limited (NYSE: ACH), a large shareholder in Rio Tinto, rose 4.6 percent to $10.67.
Freeport-McMoRan Inc (NYSE: FCX) bounced off support at the $32 level to close at $32.49.
Shares of Rio were lower by 0.9 percent in the premarket following a denial of interest by Glencore.
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