ZUG (dpa-AFX) - China's Ministry of Commerce has conditionally approved Swiss commodities trader Glencore International Plc's (GLEN.L, GLNCY.PK, GLCNF.PK) acquisition of Anglo-Swiss miner Xstrata Plc (XTA.L, XSRAY.PK, XSRAF.PK).
In addition, upon the merger completion, Glencore's Chief Executive, Ivan Glasenberg, would assume the Chief Executive role of the Combined Group from the effective date, following Xstrata's Chief Executive, Mick Davis', decision of not taking up the six-month role of Chief Executive Officer and Executive Director of the combined Group. Davis would resign from Xstrata following the completion of the merger.
Also, Davis has agreed to act as a consultant to the Combined Group until June 30, 2013 to assist with an orderly handover.
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