Trevi stock rises after Webuild launches offer for all shares
BUZZ-Trevi stock rises after Webuild launches offer for all shares ** Shares in Italy's Trevi TFI.MI are up 8% after construction company Webuild WBD.MI launched a tender offer for all shares in the underground engineering group late on Wednesday
** Webuild shares are also up 2% after the group posted H1 results and confirmed its 2026 guidance
** Trevi's share price reached €4.63, slightly above Webuild's cash proposal of €4.50
** The deal, muscling in on a takeover offer announced in June by smaller peer ICoP ICOP.MI, could generate annual EBITDA synergies of about €80-90 million, according to Webuild
** EQUITA says the operation presents some elements of attention that require greater clarity, citing the timing of the synergies and the industrial impact of Trevi's integration with Webuild
** "In a market environment that continues to favor strong balance sheets and predictable cash generation, we believe that significant use of available cash to finance the deal can be cautiously seen by the market," it adds
** Up to the previous session's close, Trevi shares were down by almost 30% YTD, while Webuild fell by more than 37%
(Reporting by Fabrizio La Rocca)