Rio and Glencore Set to Extend Deadline for Talks on Mega Deal

Rio Tinto Group and Glencore Plc are poised to seek more time to work on a deal to create the world’s biggest miner as they wrangle over the premium that Rio would need to pay, people familiar with the matter said.

The two sides have been in talks since at least the start of this month to form a behemoth that would be among the world’s largest copper producers. While both remain keen on a deal, more time will likely be needed to hash out a valuation — requiring the UK’s Takeover Panel to extend a deadline for talks — according to the people, who asked not to be identified as the negotiations are private.