Cryptic crossword clue
Note, after slaughter, reduced countries for final stages 12

The most common and most likely answer to this crossword clue is the 12 letter word CULMINATIONS

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "final stages" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case final stages = culminations.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does CULMINATIONS mean?

CULMINATIONS noun
  1. The attainment of the highest point of altitude reached by a heavenly body; passage across the meridian; transit.
  2. Attainment or arrival at the highest pitch of glory, power, etc.

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