Australia’s treasurer has reportedly told business representatives he would not allow Glencore to merge with Rio Tinto over concerns about losing tax revenue. Glencore has since indicated its willingness to close its Singapore sales office and consolidate the business in Australia, amid media reports that the Australian Tax Office is pursuing rival miners BHP Billiton and Rio Tinto for shifting billions of dollars in iron-ore profits through marketing hubs in Singapore. Australia’s treasurer has the final say on any takeovers by foreign companies, based on recommendations from the Foreign Investment Review Board. Although Rio Tinto rebuffed Glencore’s merger approach this year, under UK takeover rules, Glencore is now free to make a new bid following a six-month breather.