Rusal, the Russian aluminium company, is to take over Sual, its domestic rival, and the alumina assets of Glencore, a private Swiss group, in an estimated $30bn (€23.4bn) deal to create the world’s largest producer of the metal.

The combined company will be chaired by Brian Gilbertson, the head of Sual, and listed on the London Stock Exchange, according to a non-binding agreement signed by the three parties and seen by the Financial Times.