Webuild Launches Tender Offer for Trevi, Challenging Rival Bid

Italian construction giant Webuild has launched a tender offer to acquire all shares of underground engineering specialist Trevi, a move that sent Trevi's stock soaring and directly challenges a rival takeover bid.

The Offer Details

Webuild announced its all-cash proposal of €4.50 per share late Wednesday, according to a report from Investing.com. The offer competes with a takeover bid for Trevi that was announced in June by a smaller competitor, ICoP.

Webuild stated that the potential acquisition could create significant value, projecting annual EBITDA synergies of approximately €80-90 million. The move comes as Webuild also released its first-half results and confirmed its 2026 financial guidance.

Market Reaction

Investors reacted swiftly to the news on Thursday. Shares in Trevi surged 8.2% to close at €4.63, trading slightly above Webuild's offer price. This premium suggests that some market participants may anticipate a higher bid or a competing offer.

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Webuild's shares also saw a positive response, gaining 2% following the announcement. The company's stock was likely supported by both the strategic acquisition plan and its solid financial reporting.

Analyst Perspective

Brokerage firm EQUITA noted that the deal presents elements that require further clarification. According to the source, the firm highlighted the need for more detail on the timing of the projected synergies and the industrial logic behind integrating Trevi's operations.

EQUITA also cautioned that in a market environment that prioritizes strong balance sheets and predictable cash generation, Webuild's use of significant available cash to finance the deal could be viewed cautiously by investors.