** Shares in Italy's Trevi Finanziaria Industriale TFI.MI are up 8.2% after construction firm ICOP ICOP.MI launched on Sunday a takeover bid on 100% of Trevi shares aimed at delisting the stock

** The public exchange offer provides for consideration in newly issued ICOP shares, with an exchange ratio of 133 ICOP shares for every 1000 Trevi shares tendered

** The implied valuation stands at €4.16 ($4.74) per share, at a total countervalue of around €273 million

** EQUITA sees the transaction positive from an industrial point of view, as it would allow greater scale, geographical complementarity and cross-selling opportunities

** ICOP sees "significant synergies" for the combined entity, estimated at €120–140 million of additional annual revenues and €55–75 million of additional EBITDA

** Shares in Trevi were trading at around €3.9, their highest level since March but below the implied valuation of the offer

($1 = 0.8768 euros)