SYDNEY (Reuters) - Rio Tinto (>> Rio Tinto Limited) rose as much as 4 percent in early Sydney trade on Tuesday after the mining heavyweight confirmed it had rejected a merger approach from smaller rival Glencore Plc (>> Glencore PLC) in August.
Rio shares hit a high of A$59.90 and last traded up 3.8 percent at A$59.75.
Responding to media reports about a potential tie-up with Glencore, Rio said it had rejected an approach in August after concluding it was not in the best interests of shareholders.
(Reporting by Lincoln Feast; Editing by Richard Pullin)