Trevi hits six-month high as ICOP raises takeover bid

** Shares in Italy's Trevi TFI.MI rise 3% after construction peer ICOP ICOP.MI raised its all-share takeover bid

** ICOP is now offering 0.165 shares for each Trevi share, corresponding to €5.165 per share, with the acceptance period extended to November 20

** While Trevi's board has yet to issue its opinion on the improved offer, it last week dismissed a separate bid from larger rival Webuild

** ICOP's previous offer of €4.16 per share was also rejected by the board

** "We believe that this relaunch significantly strengthens the attractiveness of the offer," says Equita

** Equita says ICOP's bid is stronger than Webuild's, recognising a 14.8% premium compared to Webuild's offer of €4.50 per share

** If gains hold, Trevi's shares will close at their highest price since March