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London - Glencore Xstrata began trading as a combined group on Friday, with shares changing hands at 334 pence at the open, valuing the commodities trader and miner at more than £44.5bn.
Glencore will later on Friday update investors with details on the merger, including its new management structure.
A source familiar with the company told Reuters on Thursday that Glencore would stick to its internal talent for key jobs - leaving little doubt that what was billed as a merger of equals 15 months ago has ended, after tense and sometimes bitter negotiating, as a takeover.
Out of the dozen or so key positions running the group's mines and trading operations, only two will be filled by former Xstrata personnel - Peter Freyberg running coal mining and Mark Eames in charge of iron ore projects.
Combining Glencore and Xstrata has been a marathon for Glencore CEO Ivan Glasenberg, who now faces the biggest test of his career - integrating Xstrata and making a success of the biggest mining takeover to date, at a time of cooling commodity prices.
