Switzerland's Holcim and France's Lafarge have agreed to a deal that would create the world's biggest construction materials group.
LONDON (CNNMoney)
Switzerland's Holcim (HCMLF)is making an all-share offer for Lafarge (LFRGY) of France. The combined group will take the top spot globally in the markets for cement, concrete and aggregates -- such as sand, gravel and crushed stone. The two companies currently account for sales of 32 billion euros (nearly $44 billion).
The deal, which the companies aim to close in the first half of 2015, is expected to face tough regulatory scrutiny given LafargeHolcim's potential to dominate in many major markets.
Holcim and Lafarge said in a statement that they plan to sell businesses generating as much as 15% of operating profit in order to clear the way for approval and optimize their combined portfolio.
"I am confident that this merger of equals provides a unique opportunity to rapidly create the most advanced platform in our industry with outstanding synergies," said Bruno Lafont, Lafarge CEO and CEO-designate of the new company.
The deal should generate annual savings worth about 1.4 billion euros by the end of year three, the companies said. 
First Published: April 7, 2014: 4:49 AM ET
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