On March 20, 2015, Holcim Ltd (SIX: HOLN) and Lafarge SA (Euronext: LG) announced that they had agreed to amend the terms of the merger of equals originally announced in April 2014. The revised terms were approved by both respective Board of Directors and supported by the core shareholders of both companies. The transaction will be consummated by a public exchange offer of Holcim Ltd for all outstanding shares of Lafarge, leading to a top holding company with place of incorporation in Switzerland, following Swiss governance rules, and a balanced allocation of headquarters between Switzerland and France. If closed, the combined company would have a market capitalization of around EUR 41 billion. Closing of the transaction is expected for July 2015, subject to regulatory approvals, Holcim shareholder approval and successful completion of the public exchange offer.