Meet the world's largest commodities trader: Glencore Xstrata
Glencore completed its takeover of Xstrata on Thursday, becoming the world's fourth largest mining company and the world's largest commodities trader.
The announcement comes after 15 months of difficult negotiations and lengthy antitrust reviews.
The merger adds coal, copper, zinc and lead mines to Glencore's trade empire, which will now include more than 90 commodities "from copper to barley and from oil to vanadium."
The newly formed company currently employs 190,000 people across 50 countries but CEO Ivan Glasenberg notified managers today that job cuts are coming.
“By restructuring and refocusing, we will be better able to take advantage of the opportunities that will inevitably present themselves over the coming years to the benefit of all…those who will be affected within the various management structures will be notified directly and as soon as practicable.”
Glencore's share price jumped up 4.4% to 328 pence in London trading Thursday.