Rio Tinto’s ambition to acquire Glencore and form the world’s largest mining company is already setting off intense competition among Wall Street advisers eager to secure a role in the potential deal.
The mooted all-share transaction, which could value the combined group at more than $200 billion, is widely expected to generate advisory fees comfortably exceeding $100 million if it reaches completion.
Within hours of the two mining giants confirming discussions around a possible merger, banks began positioning themselves for mandates, according to people familiar with the early stages of the process.
Rio has until February 5 to either make a formal offer or walk away under British takeover rules, meaning advisers face a tight window to establish their roles.
A representative for Rio said advisers would be disclosed once talks firm up, while Glencore declined to comment on the matter.
Banks Jostle for Key Advisory Roles
Large-scale mergers typically involve multiple banking advisers supporting negotiations, deal structuring, and engagement with investors and regulators.
Fees vary depending on complexity, cross-border elements, and whether financing is involved, but transactions of this scale often deliver outsized rewards for participating banks.
Sources familiar with comparable mega-deals said advisory fees could easily pass $100 million, although payments would be split across several institutions.
So far, neither company has formally named its advisers, leaving some roles still up for grabs as banks lobby behind the scenes.
JPMorgan is widely seen as leading the advisory race for Rio, given its position as corporate broker to the miner, with UBS also maintaining close ties.
Glencore does not have a formal corporate broker, but Citi is viewed as a strong contender due to its past advisory work, including the miner’s unsuccessful bid for Teck in 2023.
JPMorgan, Citi, and UBS have all declined to comment publicly on their involvement.
Rising M&A Activity Raises the Stakes
The potential Rio-Glencore tie-up comes amid a broader rebound in global mergers and acquisitions, particularly at the top end of the market.
Goldman Sachs, JPMorgan, and Morgan Stanley topped global fee rankings last year as overall M&A fees rose 19%, driven largely by robust activity in North America.
Data shows there were 68 deals valued at $10 billion or more in 2025, with a combined value of $1.5 trillion, more than double the previous year’s total.
Looser regulatory scrutiny in the United States and easing interest rates have made financing large transactions more attractive, encouraging companies to act decisively.
A banker advising on cross-border deals said conditions for blockbuster transactions are unlikely to improve significantly, prompting boards to move while the environment remains supportive.
No Guarantees for Advisers
Despite the optimism, there is no certainty that talks between Rio and Glencore will result in a completed deal.
If discussions collapse, banks involved in early advisory work may receive little more than modest retainers, potentially amounting to only a few hundred thousand dollars.
The two miners have explored combinations before, with Rio rejecting a Glencore approach in 2014 and fresh talks in late 2024 also ending without agreement.
For now, advisers face the familiar high-risk, high-reward dynamic of mega-deal negotiations, where months of work can deliver either windfall fees or minimal returns.
