12/01/2026

BIZ & FINANCE MONDAY | JAN 12, 2026

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Rio Tinto’s bid for Glencore piles pressure on BHP

Nestle allowed to sell two ‘natural mineral water’ brands despite filtration STRASBOURG: Nestle Waters has been given the go-ahead to market its four French brands as “natural mineral water”, despite the use of filters before bottling. In two orders dated Dec 23, 2025, the prefect of the Vosges region in northeastern France authorised the company to install filters for its Contrex and Hepar brands. Two of the Swiss food giant’s other brands, Vittel and Perrier, have previously been allowed to do the same. In a statement, Nestle Waters France said it welcomed the decision. Nestle Waters admitted in 2025 that it had previously used banned treatments for its products, prompting changes to its use of microfiltration. But its competitors and consumer groups argued that doing so was not compatible with the premium “natural mineral water” label. “We’re in the process of turning the bottling of natural mineral water into the bottling of drinking water that’s still being called mineral water,” said Jean-Francois Fleck, from the Eau 88 group in the Vosges. The regional authorities said it allowed the filtration on condition that it “does not alter the natural mineral water in its essential constituents and is not intended to modify the microbiological characteristics of the water”. – AFP

In central Ireland, tractors streamed into the roads of Athlone for a demonstration, displaying signs including “Stop EU-Mercosur” and with the European Union flag emblazoned with the words “sell out”. “We have good quality Irish beef and and good standards here, and they don’t have the same standards in South American countries,” said Trisha Chatterton, a 50-year-old farmer. “There is not a lot of traceability on their beef.” The agreement is widely opposed by farmers for fear it will result in an influx of an extra 99,000 tonnes of cheap beef from South America, disrupting European agriculture. The Irish Farmers’ Association (IFA), Ireland’s main farmers’ lobby group, called the result “very disappointing”. It said it would “renew” focus on securing a majority against the deal in the European Parliament. “We expect Irish MEPs to stand behind the farming community and reject the Mercosur deal,” said IFA president Francie Gorman in a statement. In France, police on Saturday ejected farmers occupying a fuel LONDON: Rio Tinto’s talks to buy Glencore and create a new global industry leader could spur consolidation efforts across the copper-hungry mining sector and heap pressure on BHP, currently the world’s biggest miner, to respond. If the bid succeeds, and depending on any final value, it could rank among the biggest 10 M&A deals yet and it reflects an appetite for scale that bankers have said could drive mega-deals in 2026. “This is yet another example that the mining space is consolidating and the big firms are being forced to do corporate action to create value,” said Mark Kelly, CEO at advisory firm MKI Global. Last September, London-listed miner Anglo American announced what was then the sector’s second biggest M&A deal, with a plan to merge with Canada’s Teck Resources and forge a new global copper-focused heavyweight. The deal awaits regulatory clearance. Half a dozen analysts, investors and bankers told Reuters that BHP, which has a market capitalisation of US$161 billion, is the most likely spoiler of Rio’s bid talks with Glencore, which could create a company worth almost US$207 billion.

intelligence and the transition across the world to cleaner energy have driven demand for copper as the most cost-effective metal to conduct electricity. The advantage of mergers is that they can provide access to producing assets, avoiding the lengthy, costly and uncertain process of hunting for new reserves. “The real read across from both this and the Anglo-Teck deal is in copper – we know that copper is attractive and that’s what buyers want access to,” said Kelly. If it does not bid successfully for Glencore, there are other possible targets to consider. “Vale and Freeport are both going to be in focus – but it’s unlikely they’re for sale,” Kelly added. Equally, BHP may decide it is better to do nothing, some analysts say. “BHP has a cleaner growth profile in copper than a merged Rio/Glencore so I don’t think they need to do anything,” said Kaan Peker, an analyst at RBC. “That said, if the transaction is successful, you might get some pressure with shareholders saying: ‘How come Rio pulled this off and you couldn’t with Anglo?’”– Reuters

o Copper demand is main driver of mining sector consolidation, analysts say

again they may fail to reach agreement. George Cheveley, natural resources portfolio manager at Ninety One, which is a shareholder of Glencore, said BHP may feel the need to intervene, but also that it may find it “difficult emotionally” given its repeated failure to buy Anglo American. To try to reinforce its dwindling dominance in copper, BHP tried to acquire Anglo American in a months-long pursuit in 2024. It briefly revived the effort in November last year. Adding to the pressure on BHP, sources say the company is preparing to appoint a new CEO, most likely an internal candidate who will be expected to deliver change. BHP declined to comment on its CEO succession. Apart from the quest for scale to increase margins and contain costs, copper is a major reason for tie-ups in the mining sector. The mass adoption of artificial

Farmers on Friday also marched in Poland and blocked roads in France and Belgium as the EU gave the green light to the trade deal. While the accord has been welcomed by business groups, European farmers have bitterly criticised it. The deal, more than 25 years in the making, would create one of the world’s largest free-trade areas, boosting commerce between the 27-nation EU and the Mercosur bloc comprising Brazil, Paraguay, Argentina and Uruguay. Major Mercosur exports to the European Union include agricultural products and minerals, while the EU would export machinery, chemicals, and pharmaceuticals with lowered tariffs applied. Many European farmers fear their livelihoods will be undercut by a flow of cheaper goods from agricultural giant Brazil and its neighbours. Such concerns prompted Ireland, France, Poland, Hungary and Austria to vote against the accord. Earlier this week, Irish Prime Minister Micheal Martin expressed concern that Mercosur beef may not be produced to the EU’s strict environmental standards. If BHP keeps out of the current talks, it may consider another deal to retain its leadership. One banking source, who spoke on condition of anonymity, said that was the most likely outcome, given the company views Glencore’s portfolio is too diverse and would benefit from asset sales. Regulatory authorities would almost certainly require some disposals to ease competition concerns. BHP declined to comment. “The most likely interloper to this deal is BHP,” said Richard Hatch, analyst at Berenberg. “Essentially, with the deal driven by copper, we think that BHP could look to acquire Glencore with a rival bid, keep copper, and likely divest the balance.” Talks between Rio and Glencore are at a preliminary stage and Rio has until Feb 5 to make a formal offer, a deadline that could be extended. The two sides have held talks in the past that have led nowhere and

Thousands of Irish, French farmers protest against EU-Mercosur deal ATHLONE: Thousands of farmers in Ireland and France protested on Saturday against the European Union’s trade deal with the South American bloc Mercosur, a day after EU states approved the treaty despite opposition from some members. depot near Bordeaux in the south-west. Later in the day other farmers tried to block road traffic to the port of Le Havre in the north-west. Two highways remained blocked Saturday in the south-west of France, farmer unions said.

Irish farmers take part in a protest against the EU-Mercosur trade deal in Athlone. – AFPPIC

At the Saturday protest, farmers carried signs calling for an “Irexit” and accusing the Latin American bloc’s beef exports of not following the same standards.

But wine makers across Europe are generally in favour of the accord, as it promises to enlarge their access to South American markets. The Mercosur deal still has to be

approved by a majority of MEPs in the European Parliament in the coming months, where voting coalitions have become more volatile and unpredictable. – AFP