Holcim Board seek exchange ratio renegotiation for Lafarge-Holcim merger

Holcim has issued a statement on its Annual General Meeting and the Board of Directors' decision to renegotiate the exchange ratio for the Lafarge-Holcim tie-up.

The Board of Directors of Holcim Ltd has decided that the agenda for the Annual General Meeting of 13 April  2015 will only contain topics related to Holcim Ltd. This decision has been taken due to pending antitrust clearance in the US and India, pending EU approval of CRH as purchaser of divested assets, as well as delays in the social process in France.

Furthermore, the Holcim Board of Directors has concluded that the combination agreement can no longer be pursued in its present form, and has proposed to enter into negotiations in good faith around the exchange ratio and governance issues. Lafarge has indicated that it refuses to renegotiate, except the exchange ratio. The Swiss major said that further details will be communicated in due course.

Lafarge's Board of Directors said in a statement that it "remains committed to the project that it intends to see implemented." It added that "it is willing to explore the possibility of a revision of the parity, in line with recent market conditions, but it will not accept any other modification of the terms of the existing agreements."