The Australian sharemarket closed flat on Thursday, with shares in Rio Tinto sinking after it said it was in talks to acquire Glencore.
The ASX 200 finished largely unchanged at 8,717.80. Six of its 11 sectors declined.
Rio Tinto and Glencore said in an ASX announcement today that they “have been engaging in preliminary discussions about a possible combination of some or all of their businesses, which could include an all-share merger between Rio Tinto and Glencore.” Rio Tinto’s shares fell 6.2%.
“The parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement.”
No offer is certain, the companies said. A merged Rio Tinto-Glencore could be worth more than US$200 billion (A$299 billion).
Codan shares soared 16.6% after it said it expected 29% year-over-year revenue growth in fiscal 2026’s first half, meanwhile.
The ASX 200’s energy index was the best-performing sector, rising 2%. Energy stocks are down 0.4% across the past five trading days.
Two-year bond yields were up 0.01% to 3.991%, and 10-year yields also climbed 0.01% to 4.676%.
