Webuild raises Trevi stake to 34.58%, triggering mandatory takeover bid

Webuild bought 3,068,084 more shares in Trevi, an Italian company, bringing its holding to 34.58%.

That stake gives Webuild 22,675,764 shares and voting rights in Trevi.

Under the rules described, the purchase requires Webuild to make a mandatory offer for all Trevi shares it does not already own.

The offer covers up to 42,902,452 shares, or the remaining 65.42% of the company.

Webuild is offering €5.165 for each share tendered.

The offer is no longer subject to conditions, so its completion does not depend on any remaining conditions.

If every eligible share is tendered, Webuild's maximum cost will be about €221.6 million.