[REVISION HISTORY]

Webuild and ICOP compete for Trevi takeover

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What changed

2026-09-30 17:42 UTC → 2026-09-30 19:50 UTC · added ~~removed~~

Webuild has initiated a process to acquire the Italian underground engineering firm Trevi – Finanziaria Industriale through a voluntary and total tender offer. The proposal offers 4.50 euros per share in an all-cash deal valued at approximately 295 million euros. The subscription period is scheduled to run from September 28, 2026, to November 20, 2026, with payment for accepted shares expected on November 27, 2026. Webuild intends to use the acquisition to integrate Trevi’s expertise in special foundations into its global industrial platform. This move follows a period where Trevi’s Board of Directors rejected a previous exchange offer from ICOP due to concerns regarding financial consistency and industrial synergies. As of late September 2026, Trevi shareholders are ~~facing~~ weighing competing takeover proposals. While ICOP has improved its stock-swap offer, market analysts have raised concerns regarding its valuation, noting that ICOP trades at 21.7 times its 2025 EBIT, significantly higher than the 10.1 average of its competitors. Financial advisors Mediobanca and Vitale suggested a fair exchange ratio for the ICOP offer should be between 0.222 and 0.312 ICOP shares per Trevi share, which is higher than the 0.165 ratio currently proposed. Based on these estimates, the implicit value of Trevi under the ICOP plan would be approximately 3.4 euros per share, falling below Webuild’s fixed cash offer. Unlike the Webuild bid, the ICOP model leaves the final value to Trevi shareholders dependent on the future market price of ICOP shares. Consob has granted final approval to the information prospectus for Webuild’s bid. In a recent credit review, S&P Global Ratings confirmed Webuild’s BB+ rating with a stable outlook, citing adequate liquidity and strong financial performance.

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