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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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.