Webuild revises its takeover bid for Trevi. Complaint lodged with Consob against Icop
The consideration for the voluntary full takeover bid remains at 4.50 euros per Trevi share, payable entirely in cash
Webuild has left its takeover bid for Trevi unchanged, believing that “the consideration offered, which is certain and in cash, represents greater value for shareholders than the offer in shares made by Icop”.
The board of directors of the company led by Pietro Salini has examined the revised offer announced on 25 September 2026 by Icop for Trevi shares - Finanziaria Industriale and resolved not to amend the consideration offered in the voluntary full takeover bid it has launched, which remains at €4.50 per Trevi share, payable entirely in cash.
The board also resolved to amend the threshold condition set out in the offer document, reducing it to 50 per cent plus one of the voting rights in Trevi. In a complaint dated 28 September, Webuild also reported to Consob potential irregularities in Icop’s revised bid.
The decision
Webuild’s Board of Directors has decided to leave the offer unchanged following an in-depth analysis, carried out with its advisers and based exclusively on public documents: the offer document and Icop’s prospectus, its financial statements and financial reports, press releases issued by the companies involved, and market data. In addition to the certain value for Trevi’s shareholders, for Webuild the offer represents “solid industrial prospects, employment growth and value creation, and in particular: growing employment – not merely guaranteed – in Italia and abroad”.
According to a statement, Webuild is not merely safeguarding Trevi’s jobs, but aims to expand its operations in Italia and abroad, including in third-country markets, in line with the company’s development as set out in the business plan. This objective also applies to Soilmec, which is set to remain within the Group.
