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German 'Grand Coalition' Re-elects Angela Merkel as Chancellor

German Chancellor Angela Merkel waves as she makes her way to cast her vote for re-election as Chancellor during a meeting at the Bundestag, the lower house of parliament, in Berlin, Dec. 17, 2013
German Chancellor Angela Merkel has been elected to a third term as chancellor and is set to head a "grand coalition" of lawmakers from Germany's two largest political parties.

The lower house of parliament approved Merkel for a third term with a vote of 462 to 150.

The coalition, between Merkel's Christian Democratic Union party and the Social Democratic party, was the result of tough negotiations after the chancellor's party failed to win a majority of seats in the September 22 elections.

The coalition is expected to establish a mandatory minimum wage and streamline some banking policies.