Webuild launches a takeover bid for Trevi, offering a cash consideration of €4.50

(Il Sole 24 Ore Radiocor) - Webuild’s Board of Directors has approved the launch of a voluntary public takeover bid for all of Trevi’s ordinary shares.

Webuild will pay a consideration of €4.50 in cash for each Trevi share tendered under the offer, corresponding to a total valuation of Trevi of approximately €295 million, which is higher than that underlying the Icop offer. The latter has launched a public exchange offer for all ordinary shares, offering 0.133 newly issued Icop ordinary shares for each Trevi share tendered in the offer.

Webuild’s consideration, includes a premium of +29.8% compared with Trevi’s share price recorded at the close of trading on 26 June 2026 (the last trading day prior to the date of the announcement of the ICOP Offer to the market), which stood at €3.467.

The valuation attributed to the issuer by the offeror incorporates a premium of 14.4 per cent compared with the valuation of the issuer underlying the Icop Offer (based on the official closing price of Icop shares on 28 July 2026, the trading day prior to today, which stood at €29.588).

The success of the Offer will enable the Webuild Group to position Trevi as a specialist entity capable of expanding its market presence in the design and construction of special foundations and in ground engineering – sectors that play a critical role in major infrastructure projects, which form Webuild’s core business; ensure greater control over project delivery — in terms of process, quality and delivery risks — across the Group’s order book, which stands at approximately 54 billion; to strengthen its competitive positioning in tenders for large, complex projects with a high geotechnical component, differentiating itself through an integrated end-to-end solution that is more efficient and competitive, including in terms of pricing; to generate significant industrial and commercial synergies, across multiple areas, relating to both revenue and costs.