London, January 9, 2026 – Wall Street advisers are scrambling to secure lucrative roles in Rio Tinto’s potential acquisition of Glencore, a deal that could create the world’s largest mining company valued at over $200 billion. If completed, banks involved in advising on the merger could collectively earn more than $100 million in fees, sources familiar with the matter told Reuters.

The discussions, first announced on Thursday, involve an all-share buyout of “some or all” of Glencore by Rio Tinto, reviving a merger idea the two mining giants explored in the past.

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The Advisory Race

Under British takeover rules, Rio Tinto has until February 5 to make a formal offer for Glencore or walk away. While advisers have not yet been publicly confirmed, sources say Wall Street banks are jostling for positions, with some roles still being finalized.

Banks typically provide:

• M&A advisory services, including deal negotiation strategies
• Guidance on structuring combined businesses
• Liaison with investors and other stakeholders

Given the complexity and scale of the proposed Rio-Glencore deal, advisory fees could easily exceed $100 million, with top firms standing to benefit from financing arrangements and advisory roles.

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Potential Advisers

• JPMorgan: Serving as Rio’s corporate broker, currently leading the advisory race
• UBS: Also a broker to Rio
• Citi: Maintains ties to Glencore through prior advisory roles, including the failed Teck acquisition in 2023

No formal adviser announcements have been made yet, but these banks are in the running to handle one of the largest mining deals in recent history.

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Global M&A Trends

The Rio-Glencore discussions come amid a resurgence of global M&A activity:

• Fees for global M&A advisory rose 19% in 2025 compared to 2024, driven by strong deal activity in North America, according to Dealogic
• There were 68 deals worth $10 billion or more in 2025, totaling $1.5 trillion, more than double the previous year, according to LSEG data
• Looser U.S. regulatory scrutiny and falling interest rates have encouraged large corporate acquisitions

Top advisory banks like Goldman Sachs, JPMorgan, and Morgan Stanley dominated global M&A rankings in 2025, benefiting from the uptick in dealmaking.

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Risks and Historical Context

While advisory banks stand to earn significant fees, there is no guarantee the deal will close. Previous merger talks between Rio Tinto and Glencore have ended without agreement:

• In 2014, Rio rejected Glencore’s merger offer, citing shareholder interests
• Late 2024 talks also failed

If the current discussions fall through, advisers could be left with minimal compensation, receiving only small retainer fees rather than large success-based payments.

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Market Outlook

A successful merger would create a $200 billion mining giant, consolidating operations in iron ore, copper, and other key commodities. The scale of such a deal underscores the high stakes for advisers, investors, and shareholders alike.

The potential combination of Rio Tinto and Glencore highlights how strategic mega-mergers continue to reshape the global mining landscape, while also offering some of the most lucrative advisory opportunities in finance.