DataRoom AM: Glencore’s Rio retreat

Rio Tinto shares look set to fall after Glencore hosed down rumours of an imminent merger with the mining giant, while NAB is acquiring assets in the UK.

Yesterday’s rumours of Glencore interest in Rio Tinto were confirmed by the target yesterday and then put to bed for at least six months by the suitor overnight. It all points to Rio shares taking a bath today.

Elsewhere, National Australia Bank makes another move in the UK, Coopers Brewery puts up more barriers for prospective buyers and Rip Curl continues to draw plenty of takeover interest.

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