Glencore held back from Rio by value after takeover rule expires

The shackles keeping Glencore Plc Chief Executive Officer Ivan Glasenberg from grabbing control of the world's second-biggest mining company will be removed next week when a UK takeover rule barring a hostile offer expires.

The financial restraints, though, remain. Glencore's stock has slumped since reports six months ago that it was preparing a bid for Rio Tinto Group. It would have been the largest mining deal in history, creating a company worth about $160 billion.

While both companies are weathering a rout in commodities that sent prices tumbling, Glencore is down 15 percent since its approach was revealed in October. That compares with 6 percent drop in Rio, giving it a market value about 14 billion pounds ($21 billion) more than its rival.