The Webuild-Trevi operation is preparing for the transition to the market. The construction group has published the document relating to theVoluntary public tender offer for all ordinary shares of Trevi-Finanziaria Industriale, announced on July 29th. The document received theConsob approval September 15th. Shareholders will be able to join from 8:30 AM on September 28th to 17:30 PM on November 20th, 2026, according to Italian time. Payment is expected for the November 27, unless the membership period is extended, which would result in a shift in the calendar.
The economic proposal is 4,50 euros in cash for each shareThe price incorporates a approximately 30% premium compared to the official price of June 26, 2026, the reference date indicated in the press release, corresponding to the last stock exchange session preceding the announcement of the Icop offer.
Financing to cover the acquisition
Webuild presents the payment entirely in cash as one of the central elements of the proposal. In the press release, the group describes a "certain and entirely cash consideration," emphasizing that the price paid to the participants will not depend on the future performance of the financial markets. Regarding resources, the offer is fully covered by a financing agreement intended to support the purchase of all the shares and the possible refinancing of Trevi's debt. On this latter aspect, Webuild specifies, the offer does not impose any conditions.
The financial system accompanies an industrial project that aims to insert Trevi's specializations into a group with 13,6 billion euros in revenue in 2025 and an order book of approximately 54 billion as of June 30, 2026.
Special foundations and large-scale works, the industrial project
The heart of the operation is theintegration of Trevi's skills in special foundations with Webuild's activities in large-scale infrastructure. According to the bidder, the acquisition would allow the group to carry out high-value-added work currently outsourced to external companies. The stated objective is to strengthen competitiveness in tenders for the most complex projects, through a offering capable of covering the various project phases in an integrated manner. This greater integration, Webuild intends, should translate into benefits in terms of efficiency and price competitiveness.
The project builds on an already consolidated collaboration. The two companies work together on major construction sites, from Rogun Dam, in Tajikistan, on Line C of the Rome MetroA successful takeover bid would transform these operational relationships into a long-term industrial integration.
Trevi between continuity and new markets
For Trevi, joining the group would open up access to Webuild's international network, which is present in approximately 50 countries and boasts over 120 years of history. According to the project outlined by the bidder, this dimension could expand the company's commercial opportunities, facilitating entry into new markets and participation in larger and more complex tenders.
Webuild also indicates its willingness to preserve Trevi's identity, the Italian headquarters, and its technical, design, and managerial expertise. The press release also states that the company will continue to maintain an "open approach to the market," offering its services to the entire sector. The vision outlined is therefore to combine Trevi's specialization with Webuild's international reach, maintaining market relationships and expanding development opportunities through the group's network.
