Rio Tinto (RIO) is pushing for its chair and chief executive to keep their roles following any merger with rival Glencore (GLNCY) as significant differences remain between the two sides ahead of a deadline to strike their $260B deal, Financial Times’ Leslie Hook, Ivan Levingston, Arash Massoudi, and Mercedes Ruehl report. Crunch talks to create the world’s biggest miner are continuing in the eleventh hour before the “put up or shut up” deadline on Thursday, by which point Rio must signal its firm intent to make an offer for Glencore or walk away unless both sides agree to extend, the authors note. For its part, Glencore is holding out for a steep premium, according to people close to the talks.
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