Russia's leading aluminum firm, RUSAL, will take over its main rival, SUAL, and the aluminum assets of Glencore to create the world's largest producer of aluminum, according to sources close to the deal.

Russia's leading aluminum firm,RUSAL,will take over its main rival,SUAL,and the aluminum assets ofGlencoreto create the world's largest producer of aluminum, according to sources close to the deal. The transaction, which could be finalized by October, would create a company worth around $30 billion. The deal was reportedly approved by Russian President Vladimir Putin.

Upon completion of the merger, RUSAL shareholders will own 64.5% of the new company, SUAL shareholders will own 21.5% and Glencore shareholders will own 14% According to a source, the new company would produce four million metric tons of aluminum per year and 11 million metric tons of alumina, the raw material for producing aluminum, per year.