A deal to create the world’s largest cement maker has not settled, yet. Swiss firm Holcim said its merger with French rival Lafarge could not go ahead “in its present form”.
The cement giants agreed to merge in April with Lafarge shareholders receiving one Holcim share for each Lafarge share. But since then Holcim’s shares have outperformed those of Lafarge.
The Swiss firm said it now wanted to negotiate “in good faith” both the agreed share exchange ratio and governance issues.
Lafarge responded saying it remains committed to the the tie-up. If the merger goes ahead the combined company would have sales of around 32 billion euros.