Spanish giant Ferrovial’s move to the Netherlands ‘unacceptable’ sparks controversy – Observer

Spanish Railroad This week announced plans to Moving the company headquarters to the Netherlands, A decision (not yet final) that is justified by arguments such as “more stable” legislation and the greater ease this could bring to a future listing of shares on the NYSE. But the Spanish government has already considered that “unacceptable” decision Shareholders are requested to reconsider the plans according to them This Saturday’s news from El PaísIt was prepared for a year, and the government was not informed of this.

“Ferrovial is a company that owes everything to Spain, and it has grown thanks to public investments financed by Spanish citizens. It is a symbol of our country, ”she shot Nadia Calvino, deputy prime minister in the government of Pedro Sanchez. The official says she doesn’t think so.acceptable decisionand ensures that he has already expressed, along with the principal shareholders of the company, that he considers the change to be “wrong,” first because “Harmful to the interests and external image of Spain.

The position of the Spanish government will be transferred to the shareholder Rafael Del Pino, a multi-millionaire who is the son of the founder of the company that operates in several countries (he owns part of London Heathrow Airport), including Portugal. The businessman proved to be a critic of the government’s economic policies when, in January, he said in an interview Quoted by the Financial TimesWe must once again make Spain an attractive and attractive investment destination for the best talent, and to that end We need competitive labor legislation and legal predictability“.

What was not known – nor was the government, according to El País – that when this reference Ferrovial shareholder made these statements, the plans now revealed would already have progressed well. Ferrovial justified the change by the fact that the Netherlands “stable legal framework” that it evaluation The credit rating of Maximum Quality (AAA) which contributes to this is, in the company’s opinion, the “preferred country” for companies with a presence in Europe and the USA.

For a company that already gets 82% of its revenue outside of Spain and has plans to distribute part of its capital on the New York Stock Exchange, the decision makes sense, Ferrovial explained. The company stressed that the change, which, if approved by the shareholders, should take place in the second or third quarter of 2023.It will not have a material impact on the taxes paid“.

In addition to ensuring that the change would not be saved in the tax bill, Ferrovial also ensured that the entire plan was designed to “Keeping jobs, activity and investments intact in Spain“.

However, Ferrovial’s plans are generating a political “storm” in Spain that was commented on even by the President of the European Central Bank, Christine Lagarde, who did not comment on the specific decision but stressed that these cases show the urgency “to fight for the union of the capital markets.” in the euro area. This week, Spanish journalists asked the head of the EDP, Miguel Stilwell de Andrade, if there were plans to move the headquarters of the EDP Renováveis ​​located in the Asturian city of Oviedo, a scenario he rejected.