Cement maker Holcim confirms Lafarge merger is still on track

 
Caitlin Morrison
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Holcim and Lafarge are in the process of carrying out a share-for-share merger (Source: Corbis)
Swiss cement firm Holcim yesterday said its proposed merger with French competitor Lafarge was continuing “unchanged” despite reports that the deal had been derailed by concerns over price.

Thomas Schmidheiny, Holcim’s largest shareholder with an almost 20 per cent stake in the company, was reported to be demanding a better deal in the Swiss press over the weekend.

The two companies are in the process of carrying out a share-for-share merger. However, since the deal was announced, Holcim’s shares have outperformed those of Lafarge, calling into question the fairness of a like-for-like swap.

Holcim said yesterday: “The state of affairs currently remains un­changed. Both companies continue to work on different workstreams to conclude the planned merger.”

Lafarge declined to comment.

Shares in both Holcim and Lafarge closed up yesterday.

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