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Finance

Webuild says it has satisfied Italy's 'golden power' conditions for Trevi offer

Published by Global Banking & Finance Review

Posted on September 30, 2026

1 min read

· Last updated: September 30, 2026

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Webuild Clears Italy's Golden Power Hurdle for Trevi Finanziaria Takeover Bid

Webuild Satisfies Golden Power Condition in Takeover Offer

Background on Golden Power Legislation

Sept 30 (Reuters) - Italy's biggest construction company Webuild said on Wednesday it had satisfied the "golden power" condition for its tender offer for smaller rival Trevi Finanziaria. 

Purpose of Golden Powers in Italy

Rome's golden powers aim to safeguard the country's national interest in strategic sectors such as defence and telecommunications. Italy is one of several EU countries that have also applied that legislation to the banking sector.

Government Decision on Webuild's Takeover Bid

No Special Powers Exercised

The Italian government has informed Webuild that it would not exercise special powers in the firm's takeover bid and has imposed no conditions or limitations for the non-exercise of its powers, Webuild said in its statement.

Official Statement and Reporting

(Reporting by Kanjyik Ghosh in Barcelona; Editing by Mark Porter)

Key Takeaways

  • Webuild confirmed receipt of a formal notification from the Italian government indicating it will not invoke its 'golden power' on the Trevi takeover, clearing a major regulatory hurdle. (ntplusediliziaeterritorio.ilsole24ore.com)
  • Italy’s 'golden power' regime allows the government to restrict acquisitions in strategic sectors; its non‑exercise here signals confidence in Webuild’s proposal. (affarieuropei.gov.it)
  • The tender offer, launched July 29, 2026, offers €4.50 per Trevi share—about a 29.8% premium over pre‑offer price—and the condition now cleared paves the way for transaction completion in H2 2026. (webuildgroup.com)

References

Frequently Asked Questions

What is Italy's golden power condition?
Italy's golden powers are regulations designed to protect national interests in strategic sectors, allowing the government to intervene in takeovers.
Which sectors are affected by Italy's golden power legislation?
The golden power legislation covers sectors such as defence, telecommunications, and more recently, banking.
Did the Italian government impose conditions on Webuild's offer for Trevi?
No, the government informed Webuild that it would not exercise special powers and imposed no conditions for the takeover.
Why was Webuild required to satisfy the golden power condition?
As the takeover involved strategic sectors possibly impacting national interests, Webuild needed this approval to proceed with acquiring Trevi.

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