Glencore Said to Have Sought 40% of Combined Firm in Rio Talks

Glencore Plc was seeking a share-exchange ratio in talks with Rio Tinto Group that would have given its own investors about 40% of the combined company, according to people familiar with the matter.

Rio walked away after it was unable to justify the premium sought by Glencore and the smaller company was unwilling to adjust its position, some of the people said. It had already completed due diligence on Glencore, according to the people.

Representatives for Glencore and Rio both declined to comment. The companies announced on Thursday they had abandoned merger discussions, which would have created the world’s biggest ...