Galchev, Holcim’s second-largest shareholder, views the offer as “not satisfactory and half-baked”, the Sonntagszeitung reported, citing an unnamed source described as a Galchev confidant.

Galchev believes the exchange ratio offered by Lafarge at 1:0.9 shares still fails to compensate Holcim shareholders adequately, and that a decision needs to be made about who will lead any combined firm, the paper wrote.

Holcim and Lafarge announced last April that they will merge their global operations. In Romania the merger has to be appropved by the Competition Council. (source: business-review.eu)