ICOP has adjusted its capital increase to reflect the revised exchange ratio in its public exchange offer for Trevi Finanziaria Industriale. The maximum number of new ICOP shares rises to 10,820,406, while the transaction’s maximum nominal amount remains unchanged at €8,721,903.
Key figures
- 0.165 ICOP shares: revised ratio for each Trevi share tendered.
- 10,820,406: updated maximum number of new ICOP shares.
- 8,721,903: previous maximum number of new shares.
- 2,098,503: increase in the maximum share count.
- €8,721,903: unchanged maximum nominal amount.
Technical adjustment after the improved offer
The change implements the improved consideration, which raised the exchange ratio from 0.133 to 0.165 ICOP shares for each Trevi share. The higher maximum share count does not change the total authorised nominal amount: the additional contribution value is reflected through an adjustment to the share premium.
The board acted on updated documentation, including PwC’s fairness opinion and an independent valuation by RSM. This corporate action is distinct from the earlier offer improvement: it translates the new exchange ratio into the capital structure required to service the offer.
The company
ICOP is active in specialist construction, underground works and infrastructure. Its shares are traded on Euronext Growth Milan.
Primary source: official ICOP release dated 29 September 2026.