Russian businessman Filaret Galchev, who owns a 10.8% stake in Switzerland's
Galchev, Holcim's second-largest shareholder, views the terms as "not satisfactory and half-baked", the Sonntagszeitung reported, citing an unnamed source described as a Galchev confidant.
Holcim and Lafarge have agreed a new share-swap ratio that was more advantageous to Holcim investors and also decided that Lafarge boss Bruno Lafont would no longer become chief executive of what would become the world's largest cement firm with annual sales of more than €30 billion. However, an alternative has yet to be named.
But Galchev believes the new ratio 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.
Separately on Friday, another major Holcim shareholder expressed similar concerns, saying he needed to know who would lead the enlarged group before he can decide whether to back the deal.
