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Investing.com -- An agreement to form a ruling coalition has been reached between Germany's conservatives and the Social Democrats (SPD), setting the stage for Friedrich Merz to become the next chancellor during a period of domestic and international turbulence.
The Christian Democrat-led bloc, led by Merz, and the SPD are planning to announce the coalition agreement later on Wednesday in Berlin, as per a statement from the conservative party.
However, the agreement is still pending approval from the SPD members. This means that Merz is not expected to take over from Olaf Scholz until the first week of May.
As part of the agreement, the two parties have decided on a division of cabinet posts. The conservatives will hold 10 out of the 15 cabinet posts and will also name Merz as chancellor. The SPD will take charge of the remaining five posts, which include the finance, defense, and labor ministries, according to Bloomberg News.
From the SPD, Lars Klingbeil, a co-leader of the party, is expected to be named as the finance minister and vice chancellor. Boris Pistorius is set to continue his role as defense minister.
From the Christian Democrats, Carsten Linnemann is slated to become the economy minister while Johann Wadephul will be in charge of Germany's foreign affairs.
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