Merger creates Glencore Xstrata; layoffs are next

Glencore International CEO Ivan Glasenberg said that with the firm's merger with mining giant Xstrata complete, the combined company, which will trade as Glencore Xstrata, will focus on cutting back its payroll. "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," he said. Although the deal was once described as a merger of equals, Glencore executives dominate the management team of the merged entity.

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