The Chinese Government has given the final seal of approval for the merger of Xstrata and Glencore, paving the way for the formation of a new international resources giant.

As a result of the merger, Xstrata announced that Mick Davis will not be taking up the role of CEO of the newly formed Glencore Xstrata, while other Executive Committee members are set to step down.

Mr Davis will step down at the completion of the merger, which is expected to be completed at the beginning of May this year, with Glencore Chief, Ivan Glasenberg, to take up the role of Chief Executive of the combined group.

Immediately following the announcement, a number of senior Xstrata executives flagged theirintention to step down from their roles. Xstrata’s Chief Financial Officer, Trevor Reid, will not take up the position of CFO of the newly formed group.

The losses include Xstrata’s Copper Chief, Charlie Sartain, Xstrata’s Nick Chief, Ian Pearce, and Loutjie Smit, Interime Chief of Xstrata Alloys.

Executive General Manager, Strategy and Corporate Affairs Thras Moraitis, and Chief Legal Counsel Benny Levene will also step down on the effective date but, along with Trevor Reid, have agreed to act as consultants to the Combined Group for a period of up to six months following the effective date in order to support the integration of their respective functions.