Trevi Finanziaria Shares Surge on Competing €295M Takeover Bid from Webuild

Shares of Trevi Finanziaria Industriale SpA (TFI) surged after Italian infrastructure group Webuild S.p.A. launched a competing all-cash takeover offer, creating a bidding contest against a smaller rival and sending the target company's stock price above the new offer level.

Trevi's stock climbed 8.3% to €4.56 in recent trading, having reached a session high of €4.63, according to market data from July 30, 2026.

The Competing Offer

Webuild announced on July 29 a voluntary tender offer to acquire 100% of Trevi’s ordinary shares for €4.50 per share in cash. The bid values Trevi at approximately €295 million and represents a 29.8% premium over the company's closing price on June 26, the last trading day before an initial offer was made public.

This move directly challenges an earlier share-exchange proposal from smaller competitor ICoP. Market participants view Webuild's offer as more compelling due to its structure:

• All-Cash Consideration: Webuild's bid is entirely in cash, offering certainty of value to shareholders.
• Lower Acceptance Threshold: The offer is contingent on a 66.7% minimum acceptance, compared to the 90% threshold set by ICoP's proposal.
• Superior Terms: ICoP's offer relied on unlisted shares as consideration, a factor generally seen as less attractive than a cash payment.

Market Reaction and Outlook

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The market's positive reaction reflects investor speculation that a bidding war could ensue. Trevi’s shares trading above the €4.50 offer price indicates that investors anticipate a higher counteroffer from ICoP or an increased bid from Webuild.

Webuild’s financial position appears solid, as the company also reported strong first-half 2026 results that were in line with record 2025 levels. This reinforces confidence in its capacity to finance and complete the acquisition.

Key Shareholders Face a Choice

The competing bids place a significant decision before Trevi's major shareholders. Key investors who will influence the outcome include:

• Cdp Equity: Holding a 21.3% stake.
• Polaris Capital Management: With an approximate 10% stake.

The emergence of a well-funded, all-cash offer from one of Italy’s largest construction groups provides Trevi shareholders with a more certain and potentially more lucrative exit option compared to the initial bid from ICoP.