The Ferrovial Group (BME:FER) has caused controversy in the Spanish political and business sector when this week it reported that it will move its headquarters to the Netherlands and plans to start trading also in the United States, where it hopes to make itself known and thus have greater access to capital.
In a statement to the National Securities Market Commission (CNMV), the infrastructure operator, which ensures that this “restructuring”, which will be submitted to the vote of its shareholders in the second or third quarter of the year, will not affect its investment plans in Spain, a country that will remain as “the main source of talent development”.
This social change – announced on the same day that it has released its annual results – will be made through a merger between the parent company and Ferrovial International, a Dutch public limited company that already owns 86% of the company’s assets.
Founded in the early 50s by Rafael del Pino y Moreno, the group is based in Madrid, has about 63,000 employees and is chaired by Rafael del Pino Calvo-Sotelo, son of the founder and one of the largest fortunes in Spain, reports EFE.
While the group’s decision has drawn criticism from Spain’s government, the strategy has been applauded by investors. After four consecutive weeks of declines, this week Ferrovial will close with gains of 3.5%.
In 2022, 82% of the group’s revenues and close to 96% of the value of equity came from its international business, while more than 90% of institutional investors are international entities.
“Employment, activity and investments will remain intact in Spain and without significant tax impact,” said the company.