Switzerland's Holcim unveiled an all-share deal to buy France's Lafarge yesterday to create the world's biggest cement maker with combined sales of 32 billion euros.

The partners billed the deal as a merger of equals under which Lafarge shareholders will receive one Holcim share for every Lafarge share held, with the combined group to be based inSwitzerland and listed in Zurich and Paris.

The new entity, worth just under $60 billion, will see 53 percent shareholder control for Holcim and 47 percent for Lafarge, the companies said in a joint website presentation, which follows news thepair were in talks on Friday and agreement over the weekend.

The deal will be the industry's biggest-ever tie-up, and would help the companies slash costs, trim debt and better cope with the soaring energy prices, tough competition and weaker demand that have hurt the sector since the 2008 economic crisis.

The groups complement each other well geographically, with Lafarge stronger in Africa and Holcim stronger in Latin America, company executives told reporters on a conference call.

The merged group will be present in 90 countries, with emerging markets such as Latin Americaand Africa accounting for 60 percent of sales, but no single country representing more than 10 percent.

"The new group will offer higher growth and low risk, thus creating more value," said Lafarge Chief Executive Bruno Lafont, who will become CEO of LafargeHolcim.

The companies added that they expected total annual savings from joining forces of 1.4 billion euros after three years, thanks to economies of scale, better operational efficiency and lower financing costs. (Reuters)