Trevi: a flurry of complaints at Consob – Webuild and Icop go head to head

After bids, counter-bids, higher bids and further counter-bids, we have reached the stage of complaints to Consob: mirror-image accusations of mutual misconduct. Stamped documents have been exchanged amidst the two bids launched by Webuild and Icop to secure control of Trevi on Piazza Affari.

On Friday, Webuild lodged its first complaint with the Market Supervisory Authority against Icop, and the Udine-based company has now responded with its own: Specifically, the Friuli-based major works contractor disputes the statements issued by Webuild on 2 and 3 October and the related advertising campaign promoted as part of the bid for Trevi. Icop believes that these statements raise “concerns regarding the accuracy, completeness and transparency of information provided to the market, through a selective portrayal of the Icop public offer and the company’s fundamentals”, wrote the Icop group. In particular, the press release from Webuild and the advertising campaign, according to the complaint, appear to be primarily aimed at ‘discrediting the Icop public offer, through a selective presentation of information and, above all, by constructing an alleged real value of the Icop offer equal to 3.40 euros per Trevi share. This value in no way corresponds to the implicit value of the public offer, amounting to €5.165 per Trevi share, determined – in accordance with established market practice – by applying Icop’s official undisturbed price on 26 June 2026 to the exchange ratio of 0.165 Icop shares for each Trevi share’.

According to Icop, it is therefore ‘misleading to contrast, both graphically and in the communication, the 4.50 in cash offered in the Webuild takeover bid with a figure that represents a theoretical estimate drawn up by the competing bidder itself, presenting them as directly comparable values. The contradiction appears even more evident in light of Webuild’s subsequent purchase of a block of Trevi shares at a price of 5.165 per share, which coincides exactly with the implied value of Icop’s public offer’. With regard to the complaint lodged by Webuild concerning the revised bid, which was also referred to in the advertising campaign, Icop finally notes that it has ‘taken every decision in full and unquestionable compliance with the applicable legislation and the mandate conferred by the shareholders’ meeting on 28 July 2026’.

We’ll have to wait and see how it all turns out; Consob will determine whether there has been any misconduct to the detriment of the market and, if so, who was responsible. The fact remains, however, that the situation already seems to have taken a certain turn, at least on the Milan Stock Exchange: Webuild has now increased its stake in Trevi to 27 per cent and has made a cash offer of €5.165 to Trevi shareholders, whilst at current stock market prices, Icop’s Ops (which closed at €28.3 per share on the stock exchange) offers Trevi shareholders a value of €4.6695 in shares.