MILAN (ITALPRESS) – The game for Trevi enters the final straight. Webuild raised the asticella, put on the table more cash and above all it moves forward in the capital. The market seems to have quickly grasped the difference between the two offers. Webuild reached 27.69% of the Cesena group, a blitz that changed the geometry of the dispute.
The knot is all in the price: 5,165 euros per share, more than offered so far for the dispute Trevi. A difference that led usbuild to adapt the consideration for all shareholders. So those who will join the offer, including those who have already delivered the titles, will receive 5,165 euros per share, with a prize of approximately 49% regarding the official price of 26 June, date of reference of the operation.
This is where Webuild begins to build its own advantage. Not only because it already owns 27.69% of Trevi, but because its offer combines three elements that speak at the same time to shareholders and to the market: cash, certainty of value and a large scale industrial project.
Trevi is a company that works in underground engineering, special foundations and geotechnical works. It is a company with high expertise and an international presence that can become particularly valuable if inserted within a much larger industrial platform.
Webuild puts on the table a group that is worth 13,6 billion euros of revenues and has a portfolio orders of approximately 54 billion. For Trevi it would mean to become part of a platform that works on major international infrastructure projects, from railways to highways, from hydraulic works to large transport systems. The industrial logic is to integrate the specialist skills of Trevi in the underground with the size, commercial capacity, international relations and access to much higher-dimensional competitions of the Webuild Group, to offer a complete and more competitive solution in the great works, to the advantage of the Country System.
For Trevi, in this perspective, it would not simply be a question of changing shareholders. It would open a door to new geographies, new customers and new competitions, including those of greater size and complexity. It is the transition from a specialist dimension to a global platform.
The comparison with Icop remains open. The Friulian society has relaunched its offer bringing the exchange to 0.165 Icop actions for each Triune action. But, beyond the comparison between consideration and exchange, the real challenge is now shifting to industrial land.
Also from the territory comes a message in this direction. The mayor of Cesena, Enzo Lattuca, has defined Trevi “an important company, a heritage for the entrepreneurship of this territory and this country”, asking for assurances and guarantees “first of all on the maintenance of occupational levels and the prospects of development”. These are themes on which Webuild has already expressed itself: it has indicated in the offer the maintenance of the Italian identity of Trevi and its management center in Italy, and Salini has placed among the objectives to increase employment in Italy and abroad.
Webuild, for now, has made its choice: more cash, more stocks already in the portfolio and an industrial promise built around the international dimension. Its bet is that within a group of 13,6 billion revenues and 54 billion Trevi orders can multiply opportunities of growth without losing its specialization.
Pietro Salini said this clearly: “We are confident to complete the operation on Trevi: we have a clear project and resources to achieve it.” And he claimed the meaning of the new price: “With the price of €5,165 per share, which falls within the rate of congruity of the value indicated by the advisors of the Board of Directors of Trevi, Webuild today recognizes a prize of approximately 49% on the price of the billcial of 26 June 2026”.
After relaunching and jumping to 27.69%, Webuild changed the game table. Now it is no longer just to put on the plate a higher price. It is a matter of convincing the shareholders that those 5,165 euros in cash are worth more than any alternative, whether it is a Trevi alone on the Stock Exchange or the aggregation with Icop, paid in shares and therefore exposed to the moods of the market. And it is on this comparison, between the certainty of today’s recess and the unknown of tomorrow, which will decide the future of society.
– photo office printing Webuild –
(ITALPRESS)
