Rio Tinto studies mining mega-businesses after the collapse of the BHP-Anglo operation | Business News

FTSE 100-listed mining giant Rio Tinto is making its biggest takeover bid in years following the collapse of rival BHP’s £39bn (£24.7bn) bid for Anglo American.

Sky News understands that Rio, listed in London and Sydney, is studying an updated list of potentially sector-shaping acquisition targets, including Teck Resources, the Canadian group.

City sources said Rio had drawn up detailed proposals for a possible bid for Teck, which included approaching banks about financing a deal.

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Teck Resources would be valued at well over $30 billion (£23.2 billion) under any credible approach, according to bankers, and potentially in the region of $32 billion.

It was unclear on Friday, however, whether Rio would ultimately opt to make a formal approach to Teck.

A person close to the London-listed company insisted it was not about to launch an imminent bid for Teck Resources, but acknowledged it was on a list of possible targets.

The sale of Teck’s coal division to Glencore for just under $7 billion, completed this week, left the company as a mining company focused on copper and other metals essential to the energy transition.

Other global miners are also said to be interested in the idea of ​​acquiring Teck, although any foreign bid would face intense scrutiny and potentially stringent conditions imposed by the Canadian government.

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A mining banker said prospects for a successful international bid for Teck were “negligible”.

Investor attention has once again turned to the potential for megadeals in the mining industry after BHP attempted to acquire Anglo American in a complex deal that fell apart in May.

The Australian Financial Review newspaper reported in May that Rio Tinto has not ruled out making a bid for Anglo American, although it has not yet done so.

Spokespeople for Rio Tinto and Teck Resources said they did not comment on rumors or speculation.