Russian regulators have tentatively cleared a three-way deal that would create the world's biggest aluminium producer, the Federal Antimonopoly Service and the buyer said Wednesday.

Under terms of the deal, OAO Rusal, Russia's biggest aluminium producer, will absorb rival Sual as well as the aluminium assets of Swiss-based commodities trader Glencore, creating a global giant with smelters and refineries across Russia and facilities on four continents.

"We have made a decision in principle to approve of the deal and within two weeks we plan to complete the paperwork related to our final conclusion," the head of the Federal Antimonopoly Service, Igor Artyemyev, said in a joint statement with Rusal.

"This move will strengthen Russia's role as a fully fledged participant in international economic integration and encourage growth of its influence on the global market," he said.

Russian regulatory approval had been anticipated, but the deal, which was announced in October, remains to be approved by antitrust bodies in other jurisdictions including the European Union.

Company officials have said they hope the deal will be completed by April.

Under the terms of the agreement, Rusal will issue new shares to acquire Sual, which is controlled by metals and oil tycoon Viktor Vekselberg, as well as the Glencore assets.

Sual and Glencore will hold 22 percent and 12 percent stakes respectively in the new company, which would generate produce nearly 4 million tons of aluminium per year, or about 12 percent of global output. That would put the new company on pace to surpass the current industry leader, U.S.-based Alcoa Inc.