Is the largest potential deal in aggregates industry history—a merger between Swiss-based Holcim and French-based Lafarge—really at risk? At question in the merger is a growing gap in performance. Initially structured to be a 1:1 share exchange, strong performance by Holcim and currency movements have raised Holcim’s value to nearly $25 billion. Lafarge is currently valued at just over $20 billion. Accordingly, the original terms of the agreement are now less favorable to Holcim shareholders, a number of whom have been anonymously sourced as wanting more favorable terms that better reflect current market conditions.