By rosebell
Webuild has acquired a 13.916% stake in Italian specialist ground engineering contractor Trevi Finanziaria Industriale, strengthening its position in foundation engineering, ground improvement and specialist geotechnical construction.
Webuild acquired 9,125,702 Trevi shares at €5.165 per share. Following the transaction, Webuild’s takeover offer documentation states a cash consideration of €5.165 for each Trevi share tendered to its offer.
Webuild Raises Stake in Trevi
The acquisition follows Webuild’s decision on October 2 to reduce the minimum acceptance threshold for its takeover offer from 66.7% to 50% plus one voting right in Trevi.
Webuild launched its offer for 100% of Trevi in July, initially proposing €4.50 per share in cash. The infrastructure group said the acquisition would strengthen its capabilities in specialist foundations and subsurface engineering.
The transaction would also allow Webuild to undertake a greater share of the geotechnical and ground engineering work associated with its major infrastructure projects within the group.
Trevi Specialises in Ground Engineering
Trevi operates internationally in foundation engineering, ground improvement and specialist geotechnical construction. The group also owns Soilmec, a manufacturer of equipment for foundation engineering and construction.
Webuild said it intends to retain Trevi as a specialist business within the group, maintaining its headquarters and technical expertise in Italy while providing access to Webuild’s international infrastructure project portfolio.
Webuild Competes with ICOP for Trevi
Webuild’s takeover bid is competing with a separate offer from ICOP, an Italian contractor specialising in underground construction and microtunnelling.
ICOP launched a share-based offer for Trevi and increased its proposed consideration in September. Trevi’s board subsequently issued an updated assessment of the competing offer on October 1.
Webuild initially maintained its €4.50-per-share cash offer following ICOP’s revised proposal, while lowering the minimum acceptance threshold. The subsequent purchase of Trevi shares at €5.165 per share has now resulted in the same price being stated on Webuild’s offer documentation.
Trevi Takeover Offers Close in November
The acceptance period for the competing takeover offers is scheduled to close on November 20.
The outcome will determine the future ownership of Trevi, a major specialist contractor operating across the international ground engineering and foundation construction market.
