Rio Tinto’s revived interest in merging with Glencore in what would create a $389 billion commodities empire not only highlights the intricacies of complex cross-border deals, it puts the sensitive topic of the timing of investor disclosure back on the agenda.
While clandestine talks were occurring for a scrip-based megamerger between Rio and the London-listed commodities producer and marketer, there was no requirement for either party to inform investors. That all changed when the Financial Times last week outed the negotiations and forced the hands of directors on the boards of Rio and Glencore.
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