10 April 2014 I Deals and Cases

EUR 40 Billion Combination of Lafarge and Holcim

Lafarge SA, a French company listed on the Euronext, and Holcim Ltd., a Swiss company listed on the SIX Swiss Exchange, announced their intention to combine their businesses, creating the world's largest cement maker with estimated EUR 32 billion of annual sales. The combination would be consummated by way of a public exchange offer of Holcim for all outstanding shares of Lafarge, leading to LafargeHolcim as the holding company incorporated in Switzerland and equally allocated headquarters in France and Switzerland. The completion of the transaction is subject to regulatory approvals and is expected to take place in 2015.

Bär & Karrer acts as Swiss legal counsel to Lafarge, with Cleary Gottlieb as Lafarge's lead legal counsel. The Bär & Karrer team includes Rolf Watter, Mariel Hoch, Fabienne Frehner (all M&A), and Raoul Stocker (Tax).