Mining giant Rio Tinto abandons Glencore merger bid

"Rio Tinto has determined that it could not reach an agreement that would deliver value to its shareholders," the group said in a statement. Together, the two companies would have been valued at around US$260 billion. Glencore said separately that the terms offered by Rio Tinto "significantly undervalued Glencore's underlying relative value," including not adequately valuing its copper business. "The parties were unable to reach agreement on the terms of a combination," which included Rio Tinto...