Trevi Finanziaria Industriale SpA shares rallied sharply in trading after a new takeover bid reshaped the takeover landscape. The stock rose 8.3% to trade at €4.56 and reached an intraday peak of €4.63 following an announcement that Webuild S.p.A. had launched a voluntary all-cash tender offer for 100% of Trevi’s ordinary shares at €4.50 per share.
Webuild’s proposal, revealed on July 29, represents a 29.8% premium over Trevi’s closing price on June 26 - the last trading day before ICoP’s initial share-exchange approach was disclosed - and implies an enterprise value for Trevi of roughly €295 million. The cash-based structure and the terms of the bid have been central to market reaction.
Market participants highlighted two structural differences that appear to make the Webuild offer comparatively more attractive. First, Webuild is offering cash consideration rather than unlisted ICoP shares. Second, Webuild’s minimum acceptance threshold is set at 66.7%, considerably lower than ICoP’s 90% requirement. Those distinctions were cited as making the all-cash transaction more certain and immediately monetizable for shareholders, and likely the reason Trevi shares traded above the €4.50 offer level as investors speculated that bidding competition could intensify.
The development did not occur in isolation. The wider Italian market provided limited support, with the FTSE MIB having closed lower in the prior session amid weakness in energy and semiconductor names. At the same time, Webuild reported solid first-half 2026 results on the same day the bid was announced, noting revenues that were in line with its record 2025 levels. Those results reinforced perceptions of Webuild’s financial capacity to follow through on a cash acquisition.
Key Trevi shareholders now occupy a pivotal role in the process. Cdp Equity holds a 21.3% stake in Trevi while Polaris Capital Management owns roughly 10%. Both investors face the decision of whether to accept Webuild’s cash offer or to remain aligned with ICoP’s original exchange proposal, a choice that introduces additional uncertainty and typically supports a premium in the target’s share price during a contested process.
In sum, the appearance of a well-funded, all-cash bid from one of Italy’s largest infrastructure groups altered the takeover dynamics overnight, offering Trevi shareholders a clearer and higher-valued exit option and driving the stock higher during the session.