The workThe transfer of the Ferrovial headquarters to the Netherlands continues its course to comply with 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 closely “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”“, has insisted on several occasions the Minister of Economy, Nadia Calvino.
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 advisers conveyed to him, This movement does not need any government permission since it is part of the common European space and the anti-takeover armory 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 13 the ordinary shareholders’ meeting that it must give the green light to the reverse merger by which the parent company of the group will be a company with headquarters in the Netherlands and expects that it will take effect from may 14.
The CNMV thinks
This same week, the president of the CNMV, Rodrigo Buenaventurawhich has pointed out that the Spanish companies can list on other marketslike the one in the US, without the need to move its headquarters as Ferrovial is going to do.
has ensured that neither the CNMV nor BME were aware of Ferrovial’s plans to make a “listing” in the US stock market and that if they understood that the current mechanism did not offer so many facilities for this jump, they have lost a fantastic opportunity to present their proposals within the framework of the public consultation process of the Securities Market Law, open since May.
However, it has acknowledged that It is possible that the connection of the Spanish and American systems in a more direct way than what is assumed today ADRs require some adjustments, not necessarily legislative ones.
The company defends Spanish legal certainty
The company wanted to make it clear that the Spanish legal system and the stability offered by Spain “It is at the level of the best in the world and Europe”. Among the strengths of the Netherlands, he cited precisely the regulatory stability it offered, its rating and its bridge to make the leap to the US stock market.
The Executive interprets the company’s recent statements 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 to do not disqualify companies and entrepreneurs by decisions adopted in the exercise of their entrepreneurial freedom.
Following the statements made in recent days against Ferrovial and its president, raphael del pinocome “essential” rebuild a climate of respect and they stress that everyone, but particularly the Government, must consider them and treat them as an essential and essential part of Spain.
The CEO of the CEO, Antonio Garamendihas once again insisted that a supposed official veto on this social transfer “is the best way for there to be more legal uncertainty in Spain”, while the president of the Sabadell Bank, Joseph Olivehas also pointed out this week that He does not believe that business decisions should be analyzed with political criteria.