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Glencore and Xstrata complete merger

World Coal,

Glencore and Xstrata have completed their merger over a year after the commodities trader and mining company first announced their intentional to combine.

The merger creates one of the largest natural resources companies with a market value of about US$ 65 billion. It will employ nearly 190,000 people across 50 countries.

The deal has changed in scope and been delayed five times since its initial announcement in February 2012. Ivan Glasenberg, the CEO of Glencore, will take over as CEO of the new company, while Sir John Bond, chairman of Xstrata, will become chairman of the new group. Mick Davis, the CEO of Xstrata, will leave the company after a short period acting as a consultant for the new company.

Written by Jonathan Rowland.

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