Notice
Before accessing the information and documents contained in this section, please read and accept the following terms and conditions.
This section contains information and documents relating to the voluntary tender offer (the “Offer”) on all the ordinary shares (the “Shares”) in Trevi-Finanziaria Industriale S.p.A. (the “Issuer”) promoted by Webuild S.p.A. (the “Offeror”) pursuant to Art. 102 and ff. of Legislative Decree No. 58/1998 (“TUF”), announced on July 29, 2026, through the Offeror notice pursuant to Article 102.1 TUF.
The Offer is addressed, at the same terms and conditions, to all holders of Shares and will be promoted exclusively on the Italian market, since the Issuer Shares are traded on Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A.
The Offer has not been and will not be promoted, directly or indirectly, in Australia, Canada, Japan, the United States of America or in any other country in which the Offer is not permitted without authorization from the competent authorities or other requirements to be fulfilled by the Offeror or is in violation of laws or regulations (such countries, including Australia, Canada, Japan and the United States of America, collectively, the “Other Countries”), nor by using any means of communication or international commerce (including, by way of example, the postal service, fax, telex, email, telephone and Internet) of the Other Countries, nor through any system of any of the financial intermediaries of the Other Countries, nor in any other manner.
The Offer will be carried out through the publication of the offer document by the Offeror.
Before accepting the Offer, holders of Shares are advised to read the documentation published in accordance with the law.
Acceptance of the Offer by persons resident in countries other than Italy may be subject to specific obligations or restrictions under laws or regulations. It is the sole responsibility of the recipients of the Offer to comply with these rules and, therefore, before accepting the Offer, to verify their existence and applicability by consulting their own advisors.
The Offeror is not responsible for any violation of the above limitations by any person.
This section and the information and documents contained herein do not constitute or form part of any offer to purchase or exchange, or any solicitation of offers to sell or exchange, financial instruments in any of the Other Countries. They are made available for informational purposes only and are accessible only to persons who are neither domiciled nor otherwise currently located in the Other Countries.
Neither any link to this section nor the information and documents contained herein may be sent, transmitted or otherwise distributed, directly or indirectly, in whole or in part, to the Other Countries. Anyone who receives such documents and/or information must not distribute, send or mail them - through any means - to the Other Countries.
I declare, under my full responsibility, that I am not a US Person and am not resident, domiciled or currently located in the Other Countries, and that I have read, understood and fully accepted the foregoing and undertake to comply with it.
Voluntary tender offer by Webuild for 100% of Trevi
Voluntary Public Tender Offer for all the ordinary shares in Trevi-Finanziaria Industriale S.p.A. launched by Webuild S.p.A.
All-cash offer with certain and immediate consideration for Trevi shareholders.
Enhancement of Trevi as a highly specialized Italian center of excellence in engineering and special foundations to strengthen Webuild’s competitiveness, while preserving its identity, expertise and local presence.
New growth path for Trevi, which will benefit from the industrial platform and extensive order backlog of one of the world’s leading operators.
- All-cash consideration of euro 4.50 per share, certain, immediate and higher than the implied valuation
of the exchange tender offer launched by I.CO.P. S.p.A. - Industrial rationale aimed at enhancing Trevi Finanziaria Industriale S.p.A. heritage of technical, engineering and managerial expertise within Webuild global platform, leveraging complementary capabilities
- Estimated synergies of approximately €80–90 million in annual EBITDA; transaction accretive to Webuild EBITDA by €150–170 million (including synergies)
- Offer conditional upon achieving at least 66.7% of voting rights
We believe in the value of Italian centers of excellence and in their ability to succeed on international markets: we intend to develop Trevi as a Group center of excellence, expanding its role both in Italy and abroad. Thanks to our global commercial platform, Trevi will gain access to new geographies, clients and larger tenders, placing its specialist capabilities at the service of the Group and the market along a new growth trajectory.
The enhancement of Trevi within the Webuild Group
The completion of the Offer will enable the Webuild Group to:
ENHANCE TREVI AS A SPECIALIZED ENTITY capable of expanding its market presence in the special foundations and subsurface engineering sectors, which play a critical role in major infrastructure projects — Webuild’s core business;
ENSURE GREATER CONTROL OVER EXECUTION — in terms of process, quality and delivery risk — across the Group’s order backlog of approximately €54 billion;
STRENGTHEN ITS COMPETITIVE POSITIONING IN TENDERS for major complex projects with a high geotechnical content, differentiating itself through an integrated end-to-end solution that is more efficient and competitive, including in terms of pricing;
GENERATE SIGNIFICANT INDUSTRIAL AND COMMERCIAL SYNERGIES across multiple dimensions, both on the revenue and cost side.
For Trevi, joining the Webuild Group would open a new growth path for the company, its people and its know-how.
Trevi would maintain its Italian identity, with its headquarters firmly rooted in Italy, and would preserve its heritage of technical, engineering and managerial expertise at the service of both the Group's projects and the third-party market.
Belonging to one of the world’s leading major infrastructure operators — in terms of order backlog, global footprint and financial strength — would expand Trevi’s commercial perimeter and access to new geographies, clients and larger, more complex tenders, showcasing Italian excellence on international markets.
The enhancement of Trevi within the Webuild group will generate significant industrial and commercial synergies across multiple dimensions, both on the revenue and cost side.