Webuild Reaches 27.86% in Trevi Following Tender Offer Price Hike
Webuild acquired a 27.86% stake in Trevi-Finanziaria Industriale after raising its voluntary takeover offer price to 5.165 euros per share, according to reports published by Il Sole 24 ORE. The transaction shifts the ownership structure of the Cesena-based underground engineering firm and prompts the target company’s board to reevaluate the takeover bid.
Board Evaluation of the 5.165 Euro Offer Price
Trevi’s board of directors evaluated the total voluntary takeover bid and noted that the new consideration of 5.165 euros per share falls within the lower boundary of the valuation ranges identified by the company’s financial advisors, as reported by Milano Finanza. The evaluation received unanimous approval from the directors present, with an abstention from Andrea Nuzzi, a board member affiliated with CDP Equity, which previously held the largest stake in the engineering company.
The revised offer follows a series of market moves by Webuild. On October 2, 2026, Webuild confirmed a baseline price of 4.50 euros per share while lowering its minimum acceptance threshold from 66.7% to 50% plus one vote, according to filings detailed by Borsa Italiana. Shortly after, Webuild secured an agreement with Praude Asset Management to purchase 9,125,702 shares—representing 13.91% of Trevi—at 5.165 euros per share. Under market rules, paying that price triggered an automatic upward adjustment of the takeover offer to match it for all participating shareholders.
Financing Waivers and Change of Control Clauses
The acquisition of shares by Webuild ended CDP Equity’s status as Trevi’s majority shareholder, triggering a change of control clause in existing loan agreements. On October 7, 2026, Trevi transmitted a formal request to its lending banks through its agent bank to waive remedies associated with this change of control, according to disclosures covered by Borsa Italiana.
Meanwhile, the takeover battle involves concurrent legal and regulatory friction. Rival bidder Icop filed a complaint with Consob regarding Webuild’s public communications and advertising campaign, arguing that comparisons between the competing offers misrepresent the implied value of Icop’s offer, as detailed by La Stampa. The acceptance period for Webuild’s offer remains open through November 20, 2026.
Frequently Asked Questions About the Trevi Takeover Offer
What is the current deadline for shareholders to accept the Webuild offer?
The acceptance period for the voluntary takeover offer expires on November 20, 2026, leaving time for individual shareholders to evaluate the terms.
How much did Webuild pay per share after the price adjustment?
The revised cash consideration stands at 5.165 euros per share, matching the price paid in block trades with institutional holders like Praude Asset Management and subsequent market purchases.
What stake does Webuild currently hold in Trevi?
Following purchases executed through Intermonte Sim, Webuild holds 18,271,008 ordinary shares, representing approximately 27.86% of the company’s capital and voting rights.
Which financial institutions provide analyst coverage for Webuild during this transaction?
Intermonte, Kepler Cheuvreux, and Oddo BHF issued favorable assessments regarding Webuild’s credit profile, stock rating, and the industrial rationale of the transaction, as reported by La Provincia di Cremona.
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