Holcim and Lafarge (LFRGY) announced their intention to combine the two companies through a merger of equals, approved by their respective boards and fully supported by the core shareholders of both companies. LafargeHolcim would be listed on the SIX in Zurich and Euronext Paris. Bernard Fontana, Holcim CEO will remain in charge of Holcim until completion of the transaction. He will co-chair the integration committee. The proposed combination would be structured as a public offer filed by Holcim for all outstanding shares of Lafarge on the basis of a 1 for 1 exchange ratio with an agreement to have equal dividends on a per share basis between announcement and completion. Completion is expected by the end of first half of 2015 subject to obtaining regulatory approvals. Both companies combined sales amount to c. CHF 39B / EUR 32B and Ebitda to c. CHFB / EUR 6.5B. Names in the cement space include CEMEX (CX), Martin Marietta (MLM), Vulcan Materials (VMC), Texas Industries (TXI) and Eagle Materials (EXP).