Trevi's stock jumped 8.2% on Thursday after Webuild announced a tender offer for all shares in the underground engineering company late on Wednesday. The market reaction reflected investor attention to the bid and its terms.
Webuild's own shares rose about 2% in the session, following publication of its first-half results and the company's confirmation of its guidance for 2026. The share-price moves came as traders processed both the corporate performance update and the new takeover initiative.
At the close, Trevi shares were trading at c4.63, modestly above the cash component of Webuild's proposal, which is c4.50 per share. That price relationship left Trevi trading slightly higher than the level being offered for an immediate buyout.
The Webuild offer directly challenges an earlier takeover approach by smaller rival ICoP, which had announced its own proposal in June. The competing bids create a contested situation for Trevi's shareholders, with the Webuild approach introducing a new dynamic to the process.
Webuild estimated the acquisition could produce annual EBITDA synergies in the range of c80 million to c90 million. Those projected efficiencies were highlighted by the bidder as a key justification for the transaction.
Brokerage EQUITA commented on the operation, saying there are aspects that need further clarification. Specifically, the broker drew attention to the expected timing of the synergies and the industrial implications of integrating Trevi into Webuild's operations.
EQUITA also noted the broader market context, observing that current conditions favor companies with strong balance sheets and predictable cash generation. In that environment, the sizeable use of available cash to fund an acquisition may be received with caution by market participants.
The coming days are likely to see further scrutiny from investors and analysts focused on the exact terms of the tender offer, the response from Trevi and ICoP, and any additional details Webuild provides about the realization schedule for the cited synergies.
Sectors impacted: Construction and engineering firms engaged in underground works, corporate M&A activity, and equity markets reacting to deal-driven stock moves.