Trevi shares soar following the announcement of Webuild’s 295 million takeover bid
The offer competes with the public takeover bid announced last month by Icop and offers a premium of 29.8 per cent over the share price prior to the announcement
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(Il Sole 24 Ore Radiocor) - Trevi Fin Ind surges on the Milan Stock Exchange following the takeover bid announced the day before by Webuild , in competition with the voluntary public offer (VPO) announced last month by Icop. The share price of the company specialising in underground engineering is thus approaching the €4.50 per share in cash offered by Webuild.
This view is also supported by the half-yearly results, which Intermonte describes as ‘solid’ and with ‘a 2026 outlook that is higher than consensus expectations’. Webuild has forecast revenues in excess of 13.6 billion for 2026, an EBITDA of over 1.2 billion and a positive net financial position of more than 300 million. These forecasts already factor in the cancellation of the Neom projects in Saudi Arabia and do not include the effects of the Trevi transaction, whilst the new business plan up to 2029 will be presented at the end of September.
Returning to the takeover bid, this covers all Trevi shares and values the company at approximately 295 million euros. According to Webuild, the price of 4.5 euros incorporates a premium of 29.8% compared with the share prices prior to the announcement of Icop’s competing bid, which would instead offer 0.133 newly issued ordinary shares, incorporating a premium of 20.1% compared with Trevi’s closing price on 26 June. Webuild is therefore offering a premium of around 14% compared with the valuation implied by the ‘rival’ public offer.
Webuild’s offer is conditional upon acquiring at least 66.7 per cent of Trevi’s voting rights, a stake that is ‘significantly lower than the 90 per cent threshold set out in the competing offer’, as CEO Pietro Salini clarified during the post-results conference call. Regarding the timing of the transaction, Salini indicated that Webuild intends to file the offer document ‘after the summer’, launch the acceptance period in the autumn and complete the takeover bid for Trevi ‘by the end of the year’. From a financial perspective, the bid “is already fully financed. The additional debt associated with the transaction would be fully sustainable and consistent with the Group’s financial profile”, Salini clarified during the call.
Banca Akros has given a positive assessment, primarily of Webuild’s results, which ‘were well above expectations, with a significant expansion in margins. The new guidance is slightly higher than our estimates for revenue and net cash, whilst the EBITDA target is in line”, they write, confirming their “accumulate” recommendation on Webuild and a target price of €3.30. Regarding the takeover bid, “the industrial rationale is to vertically integrate Trevi’s specialist expertise in engineering and foundations into Webuild’s global infrastructure platform, thereby improving control over execution, quality and delivery risks”, explains the Akros team.
