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.
Webuild is launching a voluntary tender offer for all the ordinary shares of Trevi, offering Trevi’s shareholders certain and immediate consideration, entirely in cash, of €5.165 per share. Certain value, no market risk.
An Offer That Creates Value

€5.165 per share

All-cash consideration

Market Premium +49%
Benefits for Shareholders and for Trevi
Webuild will pay €5.165 for each Trevi share tendered to the Offer.
For Trevi, joining the Webuild Group would mean benefit from the Group's industrial platform, with approximately €54 billion order backlog, international footprint, financial strength and investment capacity. With the support of the Group, Trevi will be able to accelerate its growth path.
Trevi would maintain its Italian identity, with its headquarters firmly rooted in Italy, while preserving its heritage of technical, engineering and managerial expertise. As a highly specialised business within a leading Italian industrial group, Trevi would continue to adopt an open-market approach, providing high value-added services to both Group projects and third-party clients.
"We are confident we will complete the Trevi transaction as part of a solid industrial project. The goal is to unlock Trevi’s potential: to give it access to a platform with Euro 13.6 billion of revenue and a Euro 54 billion order backlog; to create jobs in Italy and abroad; and to build a combined offering that is more competitive for major contracts."
Pietro Salini, CEO Webuild Group
| Date | Press release | Download |
|---|---|---|
| 19/10/2026 | Webuild reaches 29.90% of Trevi share capital | |
| 16/10/2026 | Webuild waives conditions precedent to the offer | |
| 16/10/2026 | Webuild reaches 29.32% of Trevi share capital | |
| 12/10/2026 | Webuild reaches 28.79% of Trevi share capital | |
| 10/10/2026 | Voluntary tender offer on all the ordinary shares in Trevi-Finanziaria Industriale launched by Webuild | |
| 08/10/2026 | Webuild reaches 27.86% of Trevi share capital | |
| 06/10/2026 | Webuild reaches 27.69% of Trevi share capital | |
| 05/10/2026 | Webuild reaches 26.85% of Trevi share capital | |
| 05/10/2026 | 9,125,702 Trevi shares, corresponding to 13.916% of the share capital, were acquired at euro 5.165 per share | |
| 02/10/2026 | Webuild confirms €4.50 per Trevi share in cash: certain and immediate value for the Shareholders | |
| 30/09/2026 | Satisfaction of the “Golden Power” condition | |
| 18/09/2026 | Publication of offer document | |
| 15/09/2026 | Offer document approved by Consob | |
| 08/09/2026 | Restart of the Consob review period | |
| 24/08/2026 | Suspension of the Consob review period | |
| 18/08/2026 | Filing with Consob of the Offer Document | |
| 29/07/2026 | Voluntary tender offer by Webuild for 100% of Trevi | |
| 21/10/2026 | Satisfaction of the condition relating to the antitrust clearance in Saudi Arabia |
Information
For any requests or information regarding the Offer, Trevi shareholders may use the following information channels, available throughout the entire Acceptance Period on business days from 9:00 a.m. to 6:00 p.m. (Italian time):


