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Webuild Revises Threshold Condition in All-cash Bid for Trevi Amid Competing Offer from Icop

MT Newswires·10/05/2026 00:07:46
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12:07 AM EDT, 10/05/2026 (MT Newswires) -- Webuild (WBD.MI) lowered the threshold condition for its all-cash offer of 4.50 euros per share for underground engineering company Trevi - Finanziaria Industriale (TFIN.MI) amid a competing proposal from construction and engineering group Icop (ICOP.MI). The infrastructure construction company now requires acceptances from at least 50% plus 1 of the target's total voting rights to proceed with the transaction, according to an Oct. 2 filing. Webuild also affirmed the terms of its proposal, noting that it presents a higher value than the sweetened Icop offer of 0.165 newly issued share for each Trevi share, reflecting a valuation of 3.4 euros for each of the target's shares. Webuild's offer will remain open for acceptance until Nov. 20.