Glencore completed its takeover of Xstrata on Thursday, 450 days after the commodities trading house and the mining company announced what was initially planned as a merger of equals.

Glencore’s senior executives have moved quickly to affirm their control of the new company, taking all but two of the 17 top positions in the company.

In a memorandum sent to employees and seen by the Financial Times, Ivan Glasenberg, chief executive, disclosed the new organisation chart. The heads of iron ore and coal mines are the only former Xstrata senior managers in the new executive committee.

“Glencore has always thrived on a culture combining entrepreneurial initiative, collective responsibility, hard work and reward,” said Mr Glasenberg in a separate letter to employees of Glencore Xstrata. “It is vital that decisive action is taken to reinforce this culture within the combined group,” he added.

The merger creates one of the world’s largest natural resources groups, extending through more than 90 commodities from copper to barley and from oil to vanadium. The company employs roughly 190,000 people across 50 countries.

Glencore Xstrata, which will on Friday trade for the first time in London, and next week in Hong Kong, will have a market capitalisation of roughly $65bn, becoming one of the 10 largest constituents of the blue-chip FTSE 100 stock index.

The new company said the combination of Glencore and Xstrata would enable it to “capture value at every stage of the supply chain from sourcing raw materials deep underground to delivering products to an international customer base”.

The company added that its commodities were transformed into “products used in everyday life, such as mobile phones, bicycles, cutlery, plastics and electricity, to customers in industries ranging from automotive to food processing and power”.

Thursday’s announcement caps one year, two months and 25 days of intrigue, difficult negotiations involving some of the world’s most influential investors, and lengthy antitrust reviews.

The original plan in February last year was renegotiated from a formal merger of equals into a pure takeover to win the support of the miner’s shareholders, particularly Qatar’s sovereign wealth fund, leading to delays to the original completion deadline.

Ivan Glasenberg, Glencore chief executive, only won the backing of Qatar after it raised its original offer of 2.8 shares of Glencore for each of Xstrata to 3.05 shares.

Since then the deal has been delayed five times since it required clearance from European, South African and Chinese regulators. Antitrust regulators in Europe and China forced Glencore to break supply contracts and sell some assets in order to win approval for the deal.

The takeover is the fifth-largest in the history of the natural resources sector, ranking alongside the mega-mergers between Exxon and Mobil, BP and Amoco, Chevron and Texaco and Total and Elf that transformed the oil industry in the late 1990s and early 2000s.

Mr Glasenberg, who initially said would be the number two of the company, will continue as chief executive. Sir John Bond, who was chairman of Xstrata, will become chairman of the new group. Mick Davis, chief executive of Xstrata, is to leave after a short period acting as a consultant for the group.

Peter Coates, former chairman of Santos, the Australian oil and gas company, will join Glencore as an adviser to integrate the assets of the trader with the miner.

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