据安东尼奥·瓦努佐（Antonio Vanuzzo）报道，意大利基础设施建设集团 Icop SpA 的首席执行官表示，该公司可能会修改对 Trevi SpA 的收购要约，以击败竞争对手 Webuild SpA 的提议。
By Antonio Vanuzzo Italian infrastructure construction group Icop SpA may revise its takeover bid for Trevi SpA to beat out a rival proposal by Webuild SpA, its chief executive officer said.
Icop 首席执行官皮耶罗·佩特鲁科（Piero Petrucco）在周五的一次采访中表示：“Icop 显然为 Trevi 提供了更好的机会。鉴于交易中蕴含着巨大的价值增值潜力，我们可能会考虑修改我们的要约条款。”在彭博社发表佩特鲁科的言论后，Trevi 股价上涨了高达 1.4%。
“Icop clearly represents a better opportunity for Trevi,” Icop CEO Piero Petrucco said in an interview on Friday. “Given the strong potential of value accretion implied in the transaction, we may consider revising the terms of our offer.” Trevi shares advanced as much as 1.4% after Bloomberg published Petrucco’s remarks.
这场全意大利式的收购战始于 6 月。根据彭博社的计算，当时 Icop 提出以全股票交易方式收购其意大利竞争对手，当前估值约为 2.64 亿欧元（合 3.01 亿美元）。次月，Webuild 对 Trevi 提出了每股 4.50 欧元、总额约 2.95 亿欧元的全现金竞争性要约。
The all-Italian takeover battle started in June, when Icop offered to buy its Italian rival in an all-stock deal with a current valuation of about €264 million ($301 million), according to Bloomberg calculations. The following month, Webuild tabled a competing all-cash offer for Trevi at €4.50 per share, or about €295 million.
地下工程专家 Trevi 本月早些时候拒绝了 Icop 的要约，并在周四同样回绝了 Webuild。该标的当前股价约为每股 4.77 欧元，市值达 3.14 亿欧元。
Trevi, a specialist in subsurface engineering, rejected Icop’s offer earlier this month, and on Thursday it rebuffed Webuild as well. The target’s current stock price of around €4.77 a share gives it a market value of €314 million.
意大利国有背景的借贷机构 Cassa Depositi e Prestiti SpA 持有 Webuild 约 16% 的股份，并持有 Trevi 约 21% 的股份。
Italy’s state-backed lender Cassa Depositi e Prestiti SpA holds around 16% of Webuild and around 21% of Trevi.
Icop 的提议采用反向收购规模更大的 Trevi 的结构。合并后的公司将提供集成了特殊基础专业技术的微型隧道掘进综合服务，备考集团营收将超过 10 亿欧元。
Icop’s proposal is structured as a reverse takeover of larger Trevi. The combined company would offer an integrated service for micro-tunneling with special foundations expertise, with pro-forma group revenue exceeding €1 billion.
Icop 投资者关系负责人贾科莫·佩特鲁科（Giacomo Petrucco）表示：“地下工程领域比较分散。探索该行业的整合将是非常有趣的。”Webuild 承建交通、电力和水利系统的大型复杂基础设施项目。其 2025 年营收为 126 亿欧元。
“The underground engineering space is fragmented” said Giacomo Petrucco, Icop’s head of investor relations. “It’d be interesting to explore a consolidation of the sector.” Webuild constructs large, complex infrastructure projects for transportation, power and water systems. It had 2025 revenue of €12.6 billion.
《24小时太阳报》周五早些时候援引市场预期报道称，Icop 可能会提高对 Trevi 的报价。
Il Sole 24 Ore reported earlier on Friday that Icop may raise its offer for Trevi, citing market expectations.