The transfer of the Ferrovial headquarters to the Netherlands continues its course to meet the scheduled schedule despite the strong rejection that it has generated within the Government, which asks the company to back down from its decision and warns that it will look in detail at “the fine print” of this movement.
More than a week after Ferrovial announced this unexpected change to the market, the criticism leveled by the Government of a transfer that, in its opinion, is justified by the company with some arguments “that do not hold up”, The Minister of Economy, Nadia Calviño, has insisted on several occasions.
The Executive has already advanced that it is studying if the anti-opas shield can be applied and if this transfer requires an explicit authorization by the Council of Ministers to guarantee the interests of the country.
Ferrovial’s response is clear, as his advisors tell him, this movement you don’t need any government permit since it is part of the common European space and the anti-takeover shield to which the Government alludes is designed for takeover bids by foreign companies, not for mergers between two companies of the same group.
In fact, he has already called for the April 13th the ordinary shareholders’ meeting that must give the green light to the reverse merger by which the parent company of the group will be a company based in the Netherlands.
The CNMV thinks
This same week, the president of the CNMV, Rodrigo Buenaventura, also expressed his opinion, pointing out that Spanish companies can list on other markets, such as the US, without the need to move your headquarters How is Ferrovial going to do it?
He has assured that neither the CNMV nor BME were aware of Ferrovial’s plans to make a “listing” on the US stock market and that if they understood that the current mechanism did not offer so many facilities for this leap, they have lost a fantastic opportunity to make their proposals known. within the framework of the public consultation process of the Securities Market Law, open since May.
However, it has recognized that it is possible that the connection of the Spanish and American systems in a more direct way than what the ADRs suppose today requires some adjustments, not necessarily legislative.
The company defends Spanish legal certainty
The company wanted to make it clear that the Spanish legal system and the stability that Spain offers “is on par with the best in the world and in Europe.”
Among the strengths of the Netherlands, he cited precisely the regulatory stability it offeredits rating and its bridge to make the leap to the US stock market.
From the Executive they interpret the recent statements of the company as a rectification and they believe that businessmen in this country are doing very well with this government.
Entrepreneurs demand respect from the Government
The Family Business Institute and its eighteen associations, which represent more than 1,500 companies, two million employees and a turnover equivalent to 28% of Spanish GDP, have asked the Government not to disqualify companies and businessmen for decisions adopted in the exercise of their entrepreneurial freedom.
After the statements made in recent days against Ferrovial and its president, Rafael del Pino, they see it as “essential” to rebuild a climate of respect and stress that everyone, but particularly the Government, must consider and treat them as a essential and essential part of Spain.
The president of the CEOE, Antonio Garamendi, has once again insisted that a supposed official veto on this social transfer “It is the best way for there to be more legal insecurity in Spain”while the president of Banco Sabadell, Josep Oliu, has also indicated this week that he does not believe that business decisions should be analyzed with political criteria.
The shareholders meeting already has a date
Following its roadmap, Ferrovial has called the shareholders’ meeting for April and expects the reverse merger to take effect as of May 14.
After listing on the Amsterdam stock exchange, Ferrovial will apply for admission to the New York trading floor.
The group reiterates that this decision is not based on anyone’s personal interest and that it will continue to operate, list and pay taxes in Spain, where it has just announced an investment of 75 million to build two solar plants.