ICOP S.P.A. SB O.N.

ICoP shares gained about 3% to €27.70 after Equita raised its rating from "hold" to "buy." The move followed preliminary H1 figures: core profit margin above 18% (vs. estimate 17%) and an order backlog assessed as stable at €1.5bn. ICoP confirmed its 2026 guidance; Equita raised its sales and EBITDA estimates and lifted the price target to €37, and sees a combined target of €42 per share in a possible takeover of Trevi. The price jump was also interpreted as a reaction to low trading volume and positive analyst consensus, while the stock still trades about 15% below its 52-week high. » More on de.investing.com

Trevi Finanziaria Industriale shares rose about 7.4% to €3.80 after ICOP announced a voluntary public exchange offer for 100% of the ordinary shares. ICOP is offering 133 newly issued ICOP shares for every 1,000 Trevi shares, implying a price of €4.163 per Trevi share and a premium of roughly 20% to the closing price. The transaction aims to create a large Italian market leader in specialist underground construction with pro‑forma revenues of over €1bn and an order backlog of more than €2bn; ICOP plans to take Trevi off Euronext Milan after completion. The offer is subject to regulatory approval, Consob’s go‑ahead and a minimum acceptance threshold of 90% of voting rights. » More on de.investing.com